Evolution of Technology

I love how technology is in this constant state of evolution! AI aside, we’ve seen some of the biggest innovations in the banking, financial services, and insurance industries with the continued adoption of digital wallets, contactless payment systems, PoS terminals that don’t require a full IT staff to own and operate, and so much more. It’s amazing to see!

With these innovations “headless” apps have become the norm as companies adopt the “API first” mantra. These powerful API engines must be able to securely produce timely and accurate data without interruption. It can be quite difficult to manage security while in this constant state of innovation. Attackers know this as well. That’s why we’ve seen a rise in attacks against financial institutions globally.

According to IBM Security X-Force Threat Intelligence Index 2022, “Finance and insurance organizations were attacked most frequently [in Asia which accounted for 26% of all attacks], making up an average of 22.7% for the incidents X-Force remediated in 2020 and 2021. Of these attacks, 70% were on banks, 16% were on insurance organizations, and 14% were on other financial organizations.”

We can neither allow constant innovation to get in the way of security nor security to get in the way of constant innovation. Edgio’s team has put out a great read on how to safeguard your BFSI platform from the latest threats, including DDoS attacks, credential stuffing, XXE, and more. Worth the time.

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