Financial services and Cyber security

Caribbean News Global published an article on December 13th, 2020 about Financial Inclusion and Cybersecurity in the Digital Age.

A large number of over 1.2 billion adults worldwide have gotten access to bank accounts since 2011. Statistics show that about 69 percent of adults today. About 1.7 billion individuals are still without a bank account. Governments and businesses are turning to digital financial services to close these gaps.

Key points:

  • Cyberattacks are continually growing each year and financial services continue to be the most targeted industry. Cybercriminals have focused on small and large institutions, and rich and poor countries, leaving none untouched.
  • These cyber-threats have already had a huge impact on the financial stability of many organizations and countries. The focus that should be established now is to strengthen Cybersecurity while expanding financial inclusion.
  • Financial inclusion must be the top priority for economic recovery throughout the COVID-19 pandemic. Digital financial innovations can open up new possibilities for people around the world. Mobile money apps become more relevant when in the time where we exercise social distancing.
  • Safe and secure systems that support financial inclusion will require availability and protection to ensure the continuity of usage by consumers. The more we develop technologies, the greater the risks increase. There must now be a balance between advancing technologies that facilitate financial inclusion while ensuring they are safe, secure, and effectively regulated.

 

Reference:  caribbeannewsglobal.com


Contributed by: Jason Jacobs from Guyana. Jason is a member of the CCST Discord group from the G5 Cyber Security Foundation Ltd. Learn more about CCST (Caribbean Cyber Support Team) by visiting caribbeancst.org. CCST is a collaborative group on the Discord platform for Caribbean people in IT, from beginners to experts.

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