Why Covid-19 Could Expedite the Role of RegTech in Finance
July 16, 2020
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One of the nastier side-effects of the coronavirus (in the digital realm, at least) has been the spike in cybercrime, as bad actors seek to turn the disruption to their favor.
Tech Wire Asia has reported at length on how cybercriminals have sought to capitalize on a sudden shift to remote working. The use of personal devices and networks has led to greater vulnerabilities which hackers have been quick to exploit, while the obvious distractions and anxieties part-and-parcel of a pandemic create a new angle for scams which feed off current concerns.
In a wider sense, many businesses – including retailers, banks, or government services, and more – have been forced to quickly ‘go digital’; more so than they have done before. And that’s opening new opportunities for quick-thinking criminals and opening up new risks for companies who are entering new ground.
As lockdowns begin to lift, we are accepting that things will not go back to ‘normal’ as we knew them. Many businesses will likely continue to embrace flexible working approaches – others will seek to disrupt their industries with aggressive investments in new technology, like machine learning and AI.
What we can be certain is that our growing reliance on data is not going to go anywhere and, as such, we will see a hike in interest in the tools and solutions that can help us safeguard it.