The pandemic has turbocharged digital adoption across every industry, product and demographic segment. Commercial and retail banks have now embraced a fully virtual model, many within a matter of days, demonstrating agility and resilience. This accelerated digital transformation is here to stay as customer expectations rise and banks realize higher revenue growth and retention rate through digital offerings. Growth will come by innovating highly engaging, hyper-personalized digital services. New platforms, products, geographic regions, applications and web capabilities will be added. As banks engage customers in new and differentiated ways, the use of customer data, analytics and third-party services will play an increasingly crucial role; as will dependency on open-source software and tooling.
This evolving business and technology landscape brings with it an evolving threat landscape. As a financial institution’s cybersecurity considerations multiply considerably, the average cost of a data breach is fast approaching $6 million. The stakes have never been higher for digital banking security, IT and development teams.