Compliance and security predictions for Fintech in 2021

January 20, 2021

This post is an overview for those who are concerned about Fintech and security development. It provides brief summaries and links to articles and news, describing the most remarkable events in the sphere.

Learn about the latest news.

Four predictions for 2021

Finextra

2020 brought plenty of challenges as well as significant shifts to the corporate world.

The unstable economic situation, massive office closures, and the transfer of employees to remote work – all these factors accelerated the transformation process that had begun earlier and changed the foundations of traditional business behavior.

Tools that we cannot imagine our working day without – chat, video, voice, combined with a sloppy approach to security can cause serious damage and turn a business around.

  1. The use of video hosts and conferencing will increase. Experts believe that the increase in the use of video cameras that captures events in real-time will also increase the number of unintentional incidents related to NSFW (Not safe for work) video content.
  2. New payment features in apps are a potential security risk. Collaboration platforms will quickly add new features that integrate payments, debit cards, loans, insurance, and even investments to make it easier for customers to interact with each other or with the bank. However, this will make it difficult to monitor and configure security settings and increase the number of risky and unregulated activities. Also, the more information, the higher the load on the technological infrastructure and, as a result, the cost of computing.
  3. The security of existing services is a top priority. Digital regulation will tighten. Services like Zoom, Teams, Webex will be bound by regulatory obligations to preserve and oversee collaboration negotiations and will be forced to comply with all clear privacy requirements.
  4. Financial firms will be overseen by regulatory authorities. Regulators will require financial firms to comply with security requirements even at a remote workplace. The number and size of fines will increase, and compulsory measures will be introduced.

Remote work is now our reality and the security problems caused by the migration of employees from the office to their homes will remain relevant in 2021. The sooner organizations understand the need to establish protocols and protections for using collaboration tools (video, chat, and voice) – the better. Organizations’ investments in improving existing collaboration technologies ensure that companies remain competitive in the new year and into the future.

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