The ‘internet of things’ marks a revolutionary change in the way computer networks power our modern life. It has enabled tremendous growth in economies worldwide and simplified unprecedented information flow from the world’s largest metropoles to the most distant places on earth. In this digital world, banking and payments are also increasingly going digital: account balances and information are available at the touch of a button at any place, any hour, 7 days a week. At the same time, online banking has transformed the global business landscape: making it much easier, faster and less expensive to conduct business.
Since electronic banking provides enormous benefits to consumers and companies when it comes to convenience and cost, it has also made our core business a target for attack. Posing new challenges for organizations in regulating and supervising their financial systems.