Increasingly faster digitization, competitive pressure, strict regulatory requirements – the finance sector has been undergoing a continuous process to digitize for years balancing various, sometimes conflicting requirements within given resources. At the same time, the sector is a popular target for cyberattacks.
The range of threats in cybersecurity is broad and increasing daily. Attacks can range from milder forms like fishing to powerful malware and viruses that shut down whole companies. We asked experts to tell us, what trends they see in the future of Cybersecurity in finance.
New authentication methods can be risky - the role of deepfakes
For Prof. Dr. Martin Steinebach from Fraunhofer SIT a growing threat is in the generation of fake appearances of people online. He says:
“Deepfakes will continue to evolve and can be implemented with less preparation by the user. This needs to be increasingly considered when using video conferencing. Relying solely on the look and sound of the voice will soon no longer be sufficient. Authentication measures from IT security can be a solution here to ensure the level of security in the long term.”
“Current developments clearly show that the days of combining arbitrary services and components in one’s own product or service are over. We need a realistic risk model for software, both classic (backdoors or errors in the third-party code used?) and in service architectures (service in Russia? But also, already Schrems 2 ruling with services in the USA). Software design is no longer a pure techie job, but just as much an operational risk assessment as the question of what insurance you have, how you finance yourself, etc.”
Future proof encryption ensures true privacy
Elmar Eperiesi-Beck is the CEO of eperi GmbH and has been promoting innovative privacy and encryption for the cloud. To him privacy is the starting point, not a feature to be added as a fix afterwards, once the damage has been done.
“Customers don’t have to wait for Amazon, Google or Microsoft to offer the latest, greatest encryption. When you protect the data first, you enrich the security of every application.”