ABN AMRO, headquartered in Amsterdam, became the first bank in Europe to register a digital bond on the public blockchain, using Fireblocks. The digital bond was issued to a select group of investors to raise funds on behalf of APOC, an ABN AMRO commercial client in the aerospace industry. ABN AMRO’s bond issuance sets an innovative precedent in bringing more real world use cases of blockchain technology to traditional financial markets.
Much of an organization’s most critical business and employee data passes through the hands of finance and accounting professionals. It’s one of the main reasons cyberthreats present a significant risk to finance and accounting teams — especially for small accounting firms that are directly responsible for their security.
The customer experience at the world’s biggest banks and fintech firms is undergoing a significant change. Because of technological advancements, account users may now not only transfer money online but also log in using Identity Verification using face match technology and do a variety of operations using simply their smartphone and its front camera. Technology in this area has made things faster, easier, and safer during the last decade.
Financial Services are valuable targets for cybercriminals. As the guardians of our financial information, banks hold a wealth of data that can be used to steal identities and commit other fraud. In this blog post, we'll take a look at the steps banks are taking to protect their customers from financial cybersecurity threats, and see.
Digital transformation in banking began following the creation of the internet in the 1990s as a way for banks to deliver services to their customers more conveniently. Today, it has completely changed how most people interact with their banks. From opening a new account to making transactions and applying for loans, you can access all banking services directly from your computer or smartphone.
As both consumer and commercial banking clients shift to primarily utilize online banking, they still have high expectations that their financial assets will be secure. In 2021, the banking industry reported 703 cyberattack attempts per week — a 53% increase from 2020. And the cost of cyberattacks in the industry has reached $18.3 million annually per breach.
The banking and financial sector is known for its dependence on third-party vendors that help provide customers with quality financial products and services. It is one of the most interconnected sectors, making it one of the most vulnerable to cyberattacks. And because third parties operate through the banks they are contracted with, any losses are the bank's responsibility.
It might seem like ‘the cloud’ has well and truly established itself as the de facto deployment choice. However, the market for cloud computing is still expected to grow – a lot – in the coming years (from $371.4 billion in 2020 to $832.1 billion in 2025). How can this much growth still be possible for a fairly mature market?
The value of digital payment transactions is growing as the world's payment environment moves more and more away from cash. Over the past few years, BFSI (Banking, Financial Service, and Insurance) firms have continued to be a top target for hackers. In fact, the Sixth Annual Bank Survey found that more than 70% of fintech companies named information security as their top issue.
