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Solving the Encryption Conundrum in Financial Services

October 19, 2016

kThe encryption debate has captured the world’s attention. And coupled with the inevitability of another notable data breach, awareness of encryption as a tool to mitigate threat is at an all-time high. What does this mean for FinServ?

 

 Encryption has gone mainstream. In March this year, WhatsApp announced that it would encrypt all users’ communications. Viber and Facebook soon followed suit. In one fell swoop, these three companies shifted the user base of strong encryption from what most believed to be whistle-blowers and journalists to almost three billion people worldwide.

 

Meanwhile, government bodies are busy endeavouring to weaken strong encryption in the interest of national security as technology companies, opposed to such a precedent, are arguing that the privacy and the security of millions of innocent citizens would be at risk.

 

The encryption debate has captured the world’s attention. And coupled with the inevitability of another notable data breach, awareness of encryption as a tool to mitigate threat is at an all-time high.

 

What does this mean for FS?

Despite being one of the first industries to embrace a digital transformation agenda, the financial services sector continues to struggle in the race to deploy digital technologies in order to grab a bigger “piece of cake.” As competition from new, digital-first financial start-ups continue to grow; banking executives are focused on game changing digital solutions, such as encryption, to compete successfully. If you want to talk to your customers, the security has to be there. The better your security the closer you can be to your customers. In this article, we delve into the link between encryption investments to growth and customers.

 

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