Role and Risks of Adopting New Technologies and Scaling Up IT Assignment Help

Assignment Task

Synopsis
In 2018, the World Economic Forum noted that fraud and financial crime was a trillion-dollar industry, reporting that private companies spent approximately $8.2 billion on anti–money laundering (AML) controls alone in 2017. In a widely cited estimate, for every dollar of fraud, an institution loses nearly three dollars when associated costs are tallied. Highly developed technology improves business operations. Banks and financial institutions especially need to adopt new technology such as offering online services to enhance their customer service experience. Accelerated digitalization and remote working arrangements, facilitated by the COVID-19 pandemic, have increased the financial sector's exposure to varying degrees of cyber risks. Financial institutions with weak risk governance further compound the aforementioned risks. The financial industry is a key target of cyber criminals because banks and other financial institutions store sensitive personal data and possess valuable information regarding financial transactions. In this paper, we seek to understand the cyber risks faced by the major banking units such as Digital Banking, Data Breach, Fraud and Liquidity risk. We also examine the forces that are disrupting the role, structure, and competitive environment for Banking and financial institutions and the markets and societies in which they operate.
Introduction
Adopting technology is a trend and poses a unique challenge for the banking industry. According to the latest available trends data from Payments Canada, electronic payments represented around 77% of total payments volume and 62% of total payments value in 2019. The data also shows that online money transfers in Canada, dominated by Interac e-Transfer® transactions, represented 11% of total electronic payments. Paying online bills, e transferring money, and depositing cheques digitally improves efficiency for customers. Furthermore, it enables employees previously devoted to perfunctory administration duties to reallocate their time for better use.
Financial institutions are in pole position to leverage digital transformation; however, it was recently found that 81% of Banking CEOs are concerned about the lack of speed of technological change, more than any other industry sector. Digital banking has become one of the fastest and most convenient methods of banking. The threat of cyber security attacks poses a great challenge for Digital banking. Cyber-attacks are an increasing concern especially for financial service firms which may experience up to 300 times more cyber-attacks per year than other firms (Boston Consulting Group, 2019). Almost every financial stability survey includes cyber-attacks among the top risks. A common form of cyberattack is an “advanced persistent threat” (APT), during which the attacker is undetected and may extract data on an institution’s activities and obtain information on the internal mechanisms within the institution. For example, Mexico’s Bancomext and Bank of Chile fell victim to malicious actors who gained access to their systems but remained undetectable for extended periods before exploiting system weaknesses. These instances involved thefts on the order of millions of dollars. However, given a different objective, such as inflicting the largest damage, an attacker could attempt to analyse the compromised institution’s financial and payment activities. In the same vein, private information and insider knowledge may become available via direct and indirect forms of insider threat.

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