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Using technology might have boosted financial services firms’ efficiency, but the reliance on digital solutions has also opened them up to attacks from malicious outsiders.
Despite the large adoption of digital banking services in the UK, many providers do not have safeguards in place for if their services go down. In the event of a system failure, it can mean millions of customers are left in the dark about their finances, unable to check accounts or even complete transactions.
Financial institutions are turning away from single product vendors as they look to consolidate their regulatory compliance requirements with specialist RegTech firms that offer a suite of solutions, according to John Lee, President at Compliance Solutions Strategies (CSS).
Converged Security Solutions (CSS) has acquired cybersecurity company Maverick Cyber-Defense to expand its end-to-end security solutions.