The Evolution of Cybersecurity in Banking

The banking sector is changing because of new digital ideas. This brings new problems with keeping things safe. Recently, reports have shown that bad computer things can cause trouble in the financial world. So, it’s really important to manage the risks and make sure computer networks are safe. Bad people who want to steal money online are working hard to do it. This makes it more likely that computer information will be stolen, and it’s getting harder to stop them.

Rules made by governments and important banks, like EU DORA and G7, are telling banks to be extra safe online. These rules are made because of past problems and to stop future ones. The online world is changing a lot, with more things becoming digital and depending on other companies. There are also problems between countries that make online safety even harder. Banks need to be ready to protect themselves.

Central Bank Digital Currencies (CBDCs) make things even more complicated. They can help more people use banking, but they also make it easier for bad people to steal money online.

In this competitive world, where regular banks, new online banks, and tech companies all want to be successful, having a smooth online experience is very important. But, it’s also important to remember that there are dangers online. Using new technology is good, but it has to be safe from new problems.

Increasing Cyber Risks for Banks

Increasing cyber risks for banks

As banks and financial services providers continue to grow and innovate, a holistic approach to cybersecurity informed by the latest regulatory insights and threat intelligence will be crucial to ensure sustainable and secure progress. 

Cybersecurity in Banking 

In the fast-changing world of digital banking, the people who protect against computer bad guys are facing a tough battle. Banks and money stuff are easy targets for computer attacks that can lead to big data leaks. These attacks are usually done to make money, steal secrets, or cause trouble for political reasons. These crimes are a big worry all over the world, as a new report from INTERPOL tells us.

When an attack happens, it can hurt a bank’s reputation, depending on how bad it is. According to a group called the European Union Agency for Cybersecurity, a lot of data gets stolen every month, and many organizations have to pay money to get their data back. Another report says that in 2022, there were more problems with hacking digital money than ever before.

As banking gets more digital and the risks go up, the big bosses need to make sure their business can keep running, follow the rules, and have good computer security to protect against all sorts of attacks.

Companies in the money business need to defend themselves against things like data leaks, ransom demands, nasty computer programs, fake emails, and tricky tricks that bad people are getting better at. It’s getting harder because the ways they attack are becoming more complicated. A 2023 report from a company called Moody’s says that the people who make rules and the companies that give out insurance are trying to reduce the money they might lose from computer attacks, but there will be more people who want insurance than there are companies offering it.

The Value of Cybersecurity for the Banking Sector

Value of cybersecurity for the banking sector

To stay strong and competitive in this ever-changing environment, banks and financial companies need to keep coming up with new ideas and make sure those ideas are safe. This is a tough job because there are more and more ways for bad people to attack, especially with digital banking, new financial technology companies, and the introduction of digital currencies. Here are some important things for cybersecurity in banking:

  1. Visibility: It’s really important to see what’s happening on computer networks because more people are using mobile banking, connecting things like smart devices, and using cloud services. With more complicated online threats, you need to keep a close eye on everything happening on your network to stop data leaks and manage risks.
  2. Automation and Efficiency: Old-fashioned security systems that work separately are becoming less useful. Modern cybersecurity needs systems that can do things automatically, reducing the need for people to do everything by hand. Using something called “policy as code” can help make this process even smoother, making sure security rules are always followed on a secure network.
  3. Flexibility: Banks use different kinds of technology that can be in different places, like in the cloud or in their own offices. So, the security rules they use must be flexible and able to change along with the technology. The “policy as code” practice can help with this too, making sure the rules match the technology changes.
  4. Compliance Reporting: Banks need to follow rules set by governments and other organizations to stay safe online. But it’s not just about checking boxes to say you’re following the rules. With the emphasis on cyber safety in these rules, banks need to both follow the rules and be ready to stop online threats. Using “policy as code” can help make sure you’re following the rules automatically.

And don’t forget about the people who work in banks. They need to know how to use new technology and systems. It’s not easy to find experts in these areas, and sometimes there’s a gap in understanding how these systems work.

That’s why Fortinet, a company that works in cybersecurity, is doing a big training program to teach one million people about cybersecurity by 2026. They’re making it easier for security professionals, students, women, and veterans to get this training. They’re also working with many academic partners and organizations to help more people learn about cybersecurity.

As the banking world keeps going digital, being good at cybersecurity means using a smart, well-informed, and flexible approach. It involves bringing together technology and security, teaching people new skills, and using automation. These are the keys to success in this digital journey. Staying safe online is a big part of it.

Cybersecurity Regulatory Impacts

Banks have two big challenges right now: making sure their computer systems are safe and following the changing rules. They need to keep their customers happy while also protecting everyone’s private information and the economy. But, following these new rules and using more digital technology costs a lot of money for both regular and business banks.

It’s really important to keep everything safe in banking because they deal with people’s personal information and make sure transactions go smoothly. But, a recent survey by the International Monetary Fund (IMF) found some problems with how rules are being followed:

  • 56% of banks and rule enforcers don’t have a clear plan to keep banks safe from cyber attacks.
  • 42% don’t have special rules for computer security or tech risks, and a big 68% don’t have a team that’s only focused on risk in their department.
  • 64% haven’t made sure that banks are testing their computer security.
  • 54% don’t have a way for banks to report problems with their computer systems.
  • 48% don’t have rules that specifically deal with computer crimes.

Even though these numbers might look bad, we should see rules and security not as problems but as ways to come up with new ideas and manage risks. For example, a company called McKinsey says that using data analysis in banking can save big banks up to $1 billion every year. This is because they can avoid fines, report their compliance more accurately, and manage their private information and other risks better.

As banking becomes more digital, finding the right balance between new ideas, computer security, and following the rules will be really important. Doing all three can bring amazing opportunities and make sure the financial world is safe, follows the rules, and looks ahead to the future.

For banks, managing risks from online threats is not just about using technical tools. It’s about looking at the whole organization and thinking about all the risks. But, many banks don’t have the right tools to figure out the risks, especially when they work with new digital partners and technologies.

New rules say that banks need to be really good at keeping things going and have a plan for risks that’s the same all around the world. They want to make sure everyone is doing the same thing, so there’s less confusion. They are also looking at companies that help banks and checking if they are safe. Banks are careful when picking who to work with, but there are also new startups that can help. However, banks need to be careful and do their homework to make sure they don’t bring new problems when they work with these startups.

As banking becomes more digital, they need to make sure they have a plan for risks that looks at the rules and how they work with others. This is really important for the future of banking.

Banking Cybersecurity Challenges 

In the past, banks worked in separate sections with different goals and used different computer systems. This made things complicated and often made customers unhappy. Traditional banks, especially, had a reputation for making things difficult, especially when people wanted new services or help. To fix this, banks can use a single system that puts all the information together and connects different computer systems. This can help solve many problems caused by these separate sections. However, when information is kept in separate sections, it can also make it easier for bad people to steal data, break into computer systems, and not follow the rules. These are big problems in today’s banking world.

The computer systems and the huge amount of data they use are really important in the digital age of banking. Banks need to deal with old systems and add new technology to them. To solve these problems, banks should create special teams or groups of experts to come up with new ideas and make sure their services are still good. These teams should have clear responsibilities for their projects.

In the past, keeping computer systems safe in banking was simple. But today, banks use thousands or even hundreds of thousands of connected devices like computers and things that connect to the internet. When you add social media, the cloud, and mobile devices, the chances of data leaks and computer risks go up a lot. The big question is how banks can keep their computer systems safe when they are so complicated.

environments.

The importance of ads to successful streaming services

The importance of ads to successful streaming services

Advertising has become an increasingly vital component within the streaming ecosystem, with a particular emphasis on addressable ads, now being embraced by 73% of marketers.

The Importance of Advertising in the Streaming services Ecosystem

Two narratives underscore the pivotal role of advertising in the constantly evolving streaming landscape. While the traditional notion suggests that viewers migrated to streaming platforms and subscribed to avoid encountering advertisements, a study by Hub Entertainment Research titled “TV Advertising: Fact Vs Fiction” challenges this assumption.

The study surveyed over 3,000 US consumers aged 14 to 74, who watched at least one hour of television per week in May 2023. The findings revealed that virtually all TV viewers engaged with ad-supported content, with nearly six in ten expressing a preference for ad-supported subscriptions, even if it meant a lower monthly cost.

Surprisingly, very few viewers exhibited an aversion to advertising, and even those who did would still tolerate ads under specific conditions. Hub noted that the proportion of viewers unable to tolerate TV ads is relatively small compared to those who consider ads an acceptable part of their content consumption.

When asked to choose between paying a premium to eliminate ads or accepting advertising in exchange for a $4-5 reduction in monthly subscription fees, the majority of consumers opted for the latter. Remarkably, a third of those who claimed they couldn’t tolerate ads indicated a willingness to accept ads for a more budget-friendly subscription.

One critical factor in establishing a successful ad-supported service appears to be maintaining a low ad load. When viewers are exposed to what they perceive as a reasonable number of ads per hour, they not only become less resistant to ads but also engage more with the ads they do see. This applies to both the overall number of ads and the length of ad breaks.

Interestingly, some of the recent entrants that launched ad-supported video-on-demand (AVOD) services, such as Max, Disney+, and Netflix, received more favorable ratings than their competitors.

73% of Advertisers Utilizing Addressable Ads

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Data indicates that viewers respond more positively to ad content that aligns with their interests. Consequently, the industry is increasingly shifting its focus to addressable TV advertising.

According to statistics compiled by Go Addressable, an industry initiative dedicated to advancing addressable advertising, 73% of marketers are currently employing addressable TV, a 16% increase from the 63% reported in 2022. Moreover, 49% of these marketers have a combined linear and digital team developing strategies for addressable TV.

Notably, there has been a shift in attitudes behind the scenes as well. The percentage of respondents citing “better measurement/proof of ROI” as a consideration for increasing or initiating addressable TV investments has decreased from 50% to 43% in the latest study. This suggests that there has been more widespread education and awareness within the industry about how addressable TV functions and its associated benefits over the past year.”

Top 6 Video Streaming Trends Marketers Should Know

Top 6 Video Streaming Trends Marketers Should Know

The digital streaming industry is in constant evolution, making it imperative for marketers to adapt to emerging trends and technologies to meet customer demands. Experts anticipate that the global video streaming market will surpass $1,721.4 billion by 2030. In light of these transformations, advertisers must become proficient in cutting-edge technologies and employ imaginative strategies to enhance audience engagement, revenue, and brand visibility, while staying competitive. Here are the top six video streaming trends that marketers should be aware of:

Emergence of FAST

A popular trend in online video watching is the rise of Free Ad-Supported Streaming (FAST) channels. FAST channels are like an improved version of regular TV. They have set schedules and show high-quality content with ads that are aimed at your interests, giving you a TV-like experience. Unlike FAST, Video on Demand (VOD) channels also have ads, but they display them differently. VOD services use banners, sponsored ads, and interactive commercials to make money from videos. On the other hand, FAST channels show ads in a way that’s similar to cable TV. You can pre-record ads and play them during a live stream.

Both AVOD and FAST show different ads to viewers, but you can watch them on the same device. FAST channels are great because they offer top-notch content and are affordable. They show the latest videos in a format that feels familiar, making it a better experience for people used to regular TV. This has helped FAST channels like Pluto TV grow a lot. Many people prefer FAST channels because they don’t have to pay monthly fees for cable TV. However, the downside of FAST is that it can be technically challenging. To use this service, providers may need to plan their content ahead of time because the videos are not usually available on demand.

Omnichannel marketing

To succeed in video marketing, it’s important for marketers to use various platforms. An omnichannel strategy requires creativity and technology support from advertisers. Fortunately, there are many tools available today, such as websites, apps, social media, and email marketing.

Marketers can promote their brands on video-sharing platforms like YouTube, livestream events, and collaborate with content creators to reach and engage with a wider audience. They can also enhance user experiences and improve marketing by using interactive features, augmented reality (AR), and artificial intelligence (AI).

In addition, consider using third-party paid channels alongside traditional media. You can partner with FAST OTT aggregators, share revenue, and feature your videos in OTT channel libraries. Another effective way to increase brand awareness and drive traffic to your channels is through influencer marketing and purchasing ad space to distribute your popular video content on social media, reaching a larger audience.

AD stitching (CSAI and SSAI)

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Ad stitching is how ads are placed in on-demand or live videos, and it’s essential for video advertising. There are two methods, client-side ad insertion (CSAI) and server-side ad insertion (SSAI), and it’s important for video marketers to understand the differences between them to optimize their campaigns.

CSAI means the device you’re using handles the ad stitching. When you start a video, the device tells the ad server to show ads at the right times (like before, during, or after the video).

One advantage of CSAI is that it collects more user data, so it can show personalized ads. The ads are seamlessly integrated into the video, making for a smoother experience. However, CSAI can be affected by ad-blockers that prevent ads from being shown, potentially reducing ad revenue.

On the other hand, SSAI does the ad stitching on the server before sending the video to your device. This ensures a consistent viewing experience, but it can’t show real-time tailored ads like CSAI.

CSAI is better for ad tracking and analytics, helping advertisers measure their campaign’s effectiveness. In contrast, SSAI is less affected by ad-blockers because it inserts ads on the server side, not the user’s device.

OTT soars

The use of OTT (over-the-top) services is on the rise, especially in the United States where there were over 182 million subscribers in 2020. These platforms are becoming increasingly popular because they offer users unlimited and instant access to high-quality content. Some of the leading OTT providers are well-known brands like Netflix, Disney+, and Amazon Prime.

During the COVID-19 pandemic, Netflix’s revenue reached nearly $25 billion in 2020, mainly due to more people staying at home. OTT providers are constantly working to provide viewers with original and valuable content, and this investment seems to be paying off as many young consumers are switching to online video streaming channels.

Companies can make money from their content using different methods, such as showing ads or offering subscription services for on-demand videos.

Live streaming on social media

Social media live streaming has evolved from a one-way broadcast to an interactive trend. Platforms like YouTube, Facebook, and Instagram have added features that allow real-time interaction between viewers and streamers. This has made live streaming more popular for both businesses and consumers. Brands can also use streaming gadgets to enhance their broadcasting.

Video streaming is a dominant feature on social media platforms, and YouTube is now a strong competitor to Facebook and Instagram. In 2020, 55% of consumers preferred Google’s network as their top video streaming platform.

Live streaming is a powerful digital marketing tool for businesses worldwide. This is because live streams reach an audience interested in the broadcast. The growing number of mobile users has also fueled the popularity of live streaming. Ecommerce brands can benefit from live streaming to showcase their products and improve the customer experience. To boost your marketing strategies on social media, it’s important to utilize major platforms like Facebook, YouTube, Instagram, and TikTok.

NFT and Metaverse integration on CTV

Smart TVs aren’t just for watching videos; they can also provide interactive experiences and access the Metaverse with non-fungible tokens (NFTs). CTV (Connected TV) marketers can find opportunities in these systems. NFTs are built on blockchain technology and have the potential to change the streaming landscape and help content creators make money. For example, platforms like YouTube Music and Spotify may take a 30% cut of creators’ earnings, while NFT-based platforms reward creators for streaming.

Samsung has introduced a smart TV NFT platform that connects to major marketplaces like Nifty Gateway. This allows people to buy and sell tokens and display them on their Samsung smart TVs. NFT-supported channels will also be available on CTV, giving creators the chance to make money on multiple platforms. The Metaverse gained traction in 2022, and experts believe it will shape digital marketing with immersive experiences using VR and 3D.

Understanding these trends will help you, as a marketer, make informed decisions and take advantage of the benefits they offer.

What Is File Security? Best Practices & Tools for Security

What Is File Security? Best Practices & Tools for Security

File security is like a shield for your computer. It helps keep your stuff safe from bad people. In our blog today, we will talk about what file security is, how it’s different from data security, and what you can do to keep your files safe.

In our digital world, almost everything we do uses files. We send messages, share photos, and do many things using files. These files often have important information that we want to keep private and protect to stay ahead.

What Is File Security?

File security is all about keeping your files safe from people who shouldn’t see them. It stops them from getting in, changing, deleting, or hurting your files. It uses strong rules and controls to do this. File security is used for things like documents with private information, important business stuff, and even government secrets.

Files come in different shapes and sizes, like documents, music, videos, and databases. Sometimes, we need to share files with others while working on projects. But, doing this can be risky, especially when we send files outside our company or save them on a faraway computer.

Just like locking up important papers, file security helps protect sensitive things like your personal info, company secrets, and even records of what happens on your computer.

File security mostly looks after the computers in your system, making sure that the files are safe. On the other hand, data security takes care of data in different situations: when it’s just sitting there, when someone is using it, and even when it’s moving from one place to another.

Data security is like a superhero that also deals with copyright protection, known as digital rights management (DRM). DRM allows someone to see a file, but it stops them from copying, printing, or taking pictures of it. This is useful for protecting things like movies and music from being illegally shared or copied.

The Difference Between File Security and Data Security

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File security is a part of data security, so they are related. Data security is like a big umbrella that covers a lot of things. Is like a smaller part of it, focused on keeping individual files safe.

Think of files as the building blocks of data storage. We organize them in folders and directories, which are like digital folders, similar to how we group similar things together in computer code.

File security works closely with these folders. It uses things like encryption to make files hard to read and lets you set specific rules for who can see them. It also creates extra copies of your files to make sure you don’t lose them.

Data security, on the other hand, looks after data wherever it is, whether it’s resting, being used, or moving around. It also deals with things like copyright protection, which can allow someone to use a file but prevents them from copying, printing, or taking pictures of it.

Data security is more important today with so many devices and computers connected to the internet.

Why Is File Security Important?

File security is important because it stops bad people from doing bad things. It’s like having a lock on every important room in your house. It doesn’t let anyone have full access to everything, but keeps each room safe.

For example, if you’re in charge of a big database, you might have some rules to keep it safe. File security adds an extra layer of protection by making sure each file inside that database is secure.

File security is especially crucial for places like banks, government offices, and healthcare providers who handle a lot of important records. Without it, your financial and health information, like your social security number, could be easy to get for anyone who can open that database.

In general, file security gives us a few big benefits:

  1. Privacy: It keeps your private stuff safe, especially when it comes to health or personal records. This stops others from using your information for bad things.
  2. Confidentiality: This is a fancy word for keeping things secret. File security ensures that no one can see or use your data without permission.
  3. Protecting Intellectual Property: If you have a great idea or secret that makes your company special, file security keeps it safe.
  4. Following the Rules: Governments worldwide make rules to keep your data private. If you follow these rules, you don’t get into trouble or pay fines. File security helps you follow the rules.
  5. Keeping a Good Reputation: Without good file security, a data breach can hurt your reputation with customers, partners, and the public. It’s like having a leak in your roof; it makes everyone unhappy.

File security is super important because it makes it really hard for hackers to do bad stuff. It’s like having many layers of protection for your files, and it ensures that each individual file is safe, even if some bad actors try to get in.

For example, let’s say you have a big database with lots of information. Your IT experts can set rules to keep it safe, but file security adds an extra layer of protection to make sure each file inside that database is also secure.

This need for file security is even bigger for places like banks, government offices, and healthcare providers because they deal with a lot of secret records. Without file security, important financial and health data, like social security numbers, could be easily accessible to anyone who gets into the database.

Now, let’s talk about some good practices, tools, and ways to make file security better:

  1. Strong Passwords and Multifactor Authentication: Use tough-to-guess passwords, and add an extra layer of security with something like a code sent to your phone.
  2. Access Control Lists (ACLs): These are like digital locks that say who can use a file and what they can do with it. This helps control who can read or edit a file.
  3. File Monitoring: It’s like having someone watch over your files. If anything strange happens, like someone trying to copy or change a file, you get a warning. Some tools can even erase files that are moved to the wrong place.
  4. Cloud and File Sharing Security: Use safe cloud storage services and tools that check files for malware. They should let you store files safely and use passwords to protect them.
  5. Software Tools for Secure File Sharing: Some software can keep your files safe while you share them with others. They prevent others from snooping or messing with your files during transfers.
  6. Backup and Recovery: Make sure you have copies of your files in case something goes wrong. Being able to get your files back is just as important as keeping them safe.
  7. VPNs: Virtual private networks help protect your files when you’re working outside your office network, like at a coffee shop with open Wi-Fi. It’s especially important when you’re using public networks.

How Sigma DRM/Multi DRM Can Help Fortify Your File Security

Sigma DRM system protected streaming services

Sigma DRM/Multi DRM is the world’s number 1 solution for copyright protection for publishers, copyright owners of football TV shows, sports, movies, etc.  your business from theft of intellectual property, digital content on the internet environment.

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Combine Data Loss Prevention and DRM to Enhance Data Security

Combine Data Loss Prevention and DRM to Enhance Data Security

In an era where data is the lifeblood of business operations, safeguarding sensitive information has never been more critical. The digital age has brought about countless advantages in terms of information access and distribution, but it has also exposed companies to new threats. To counteract these threats effectively, organizations are increasingly turning to a powerful synergy: combining Data Loss Prevention (DLP) and Digital Rights Management (DRM) solutions.

The Data Security Conundrum

Protecting data is a multi-faceted challenge. It involves securing data against unauthorized access, sharing, or leakage while ensuring that authorized users can access and use it seamlessly. The complexity of this task arises from the need to strike a delicate balance between security and usability.

Data Loss Prevention (DLP)

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DLP solutions are designed to monitor, detect, and prevent unauthorized data transfers or access. They typically work by analyzing data as it moves within or outside an organization’s network and applying policies to prevent leaks, whether intentional or accidental. DLP tools excel at identifying sensitive information and restricting its flow to unauthorized parties.

Digital Rights Management (DRM)

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On the other hand, DRM is a technology that focuses on controlling and managing the rights associated with digital assets. It is primarily concerned with defining who can access specific content, what they can do with it, and for how long. DRM solutions excel at protecting intellectual property, ensuring that only authorized users can access and use content as per the defined rights.

Bridging the Gap

While DLP and DRM address distinct aspects of data security, they can be mutually reinforcing when used in tandem.

1. Protecting Data at Multiple Levels

DLP solutions guard against data leaks and unauthorized access, but they may not always manage how authorized users handle the data. This is where DRM comes into play. DRM can encrypt files and assign access permissions, even after the data leaves the organization’s network. It ensures that only authorized users can open, modify, print, or share the data in ways compliant with organizational policies.

2. Ensuring Secure Collaboration

In today’s collaborative business environments, the need for data sharing and collaboration is paramount. DLP alone might hinder this by blocking data transfers to authorized users. By integrating DRM into the system, organizations can enable secure collaboration. DRM can allow specified users to access sensitive data for a defined period while keeping the content secure from unauthorized sharing.

3. Tracking and Auditing Data Usage

DLP systems are excellent at monitoring and alerting administrators to potential data breaches. However, they may fall short in providing a complete picture of how data is used once accessed by authorized personnel. DRM solutions can offer comprehensive tracking capabilities, enabling organizations to audit data usage, understand user behavior, and maintain a record of who did what with the data.

Implementing a Holistic Approach

To combine DLP and DRM effectively, organizations should follow these steps:

1. Identify Data Sensitivity

Start by classifying your data based on sensitivity. DLP is most effective when it is focused on the most critical information, while DRM can be used to protect intellectual property, financial data, and other sensitive assets.

2. Define Data Usage Policies

Clearly define and implement data usage policies that dictate who can access specific data and what they can do with it. These policies should be enforced by both DLP and DRM solutions.

3. Integration and Training

Choose DLP and DRM solutions that can be seamlessly integrated with your existing infrastructure. Ensure that your employees are adequately trained to understand and use these tools effectively.

4. Continuous Monitoring

Regularly monitor and update your data security strategy to adapt to changing threats and business requirements. Technology evolves, and so should your security measures.

Conclusion

The combination of Data Loss Prevention and Digital Rights Management can greatly enhance data security for organizations of all sizes. By bridging the gap between securing data from unauthorized access and protecting it from misuse by authorized users, this holistic approach offers a comprehensive solution to the complex challenges of data security in the digital age. To ensure the confidentiality, integrity, and availability of sensitive data, organizations must embrace this synergy and continue to adapt their security strategies to the ever-evolving threat landscape.