Before the pandemic, the financial sector was known for it slow technology adoptionThis is mainly due to old concerns about data security both online and in the cloud. But the pandemic and its accelerating impact on remote and flexible work has forced this to change, with remote access to data now central to daily operations. In addition, the recent announcement of the new laws Set to be introduced to protect flexible work and other laws to offset the limited use of cloud service providers, which means the discussion about network security has never been so critical, especially for the financial services sector. Together, this has given way to a renewed focus on network transformation.
Digital transformation has stimulated a growing demand for “next generation networks,” which are often built on the cloud. Therefore, digital transformation of network infrastructure is critical to sustain significant business growth. As this long-awaited innovation in the financial services sector begins to accelerate, conversations about regulation and legislation have come to the fore. A welcome development for such a price-sensitive and data-sensitive industry.
Turn to Network Security
Introduction of new laws That will protect the rights of employees to demand flexible work from their first day in a new job, is imminent. This means that the financial services sector, which relies heavily on third-party cloud services to deliver applications and infrastructure to remote workers, is turning its attention heavily to network security. This focus has been intensified by recent comments from the Bank of England, which expressed that worried The industry’s reliance on a small set of third-party cloud services increases risk and reduces resilience.
When combined with the growing demand for cloud-based “next generation networks,” which help deliver all kinds of digital information and services over a single central network, the issue of network transformation is now clear. The digital transformation of network infrastructure to become more open, seamless and optimized is essential to sustain significant business growth.
However, the rapid decentralization of the workforce has created an ideal environment for bad actors, leading many companies to rapidly scale their security investments to secure their corporate networks. The challenge now is to adapt their security policies to meet the future of distributed work.
Security and reliability: the key to keeping hackers out of trouble
Thanks to the efforts of attackers, who have continued to innovate and deliver attacks via a variety of means, the threat landscape for FS companies has continued to evolve at breakneck speed. Recently, we have seen a sharp rise in malware and bot attacks, as well as more sophisticated versions of traditional attack methods, such as phishing, ransomware, and internal threats.
According to figures from BAE Systems, this helps explain why Nearly three quarters (74%) of financial institutions It saw an increase in malicious activity in the first year of the COVID crisis. The same study also revealed that 86% believe that the mass move to remote work has made their organizations less secure.
Let’s say financial companies will succeed in this highly competitive digital age, but most importantly, remain committed to the new regulations they are about to impose. In this case, they should invest in a security framework that provides security and reliability while keeping attackers out. These components are essential not only to secure data and systems but also because they ensure the highest possible level of availability of services and systems to customers, helping to build their brand trust and loyalty.
Heads in the cloud with a streamlined infrastructure
The cloud is quickly becoming the most important technical tool for maintaining security, as traditional companies migrate data and applications Much to Private and public cloud environments To better compete with today’s fintech competitors digitally. It’s a trend that will only continue with banking regulators and advisory firms Encouraging banks to use cloud services more widely. But as the next regulations come into force, the financial services sector will need to ensure it respects the rules and makes secure networks its number one priority.
The Secure Access Service Edge, or SASE, is an additional security layer that many financial services companies must consider in their cloud infrastructure. SASE combines security and networking, and is delivered via a cloud-based service model. It is vital because it provides secure access to applications and data, such as Remote users increasingly require access to business-critical cloud applications from anywhere in the world, usually via a SaaS model.
While the technology is not necessarily new, it is becoming more and more widely used, especially in the era of remote work. It combines high-performance connectivity with a powerful centralized cyber security mode, providing control and visibility to the entire cloud infrastructure.
SAS for Peace of Mind in a Hybrid Era
SASE is very powerful because it includes the key features of multiple security services over Software Defined Wide Area Networks (SD-WAN), including DNS security and firewall policies. It combines all of this with Zero Trust network security principles to create a single service that is delivered across every aspect of an enterprise’s cloud infrastructure.
This frees IT teams from having to manage multiple solutions across multiple regions while ensuring effective protection against malware, phishing, data loss, and malicious insiders, with complete control over how applications are accessed and used on a daily basis. This means that SASE not only provides security, but also improves threat detection capabilities and data protection. These are vital aspects for financial institutions looking to secure their networks in a standardized and streamlined manner. Organizations can also benefit from allocating more of their IT resources to use their data more effectively and efficiently and to introduce IT policies that support distributed work.
Essential security infrastructure for regulators and customers
For financial services organizations, providing fast, reliable and secure digital service Just For customers is not enough. With the hybrid business now well established and employees on the move, a new approach to connectivity and network security is vital.
Implementing a fit-for-purpose security infrastructure will mean that both customers and employees can access the full range of available applications and services, regardless of their location – so that both can achieve their goal of making banking an authentic, integrated digital experience. It will also keep financial institutions safe from cybercriminals and out of the eyes of regulators.
About the author: Luke Armstrong, Enterprise Consultant at Exponential-e, explores how the industry can implement secure infrastructure.