Digital Banks: And Information Security

Aug 29, 2019139

The trend of digital banks has been gaining more space among Brazilians. The convenience and low or even zero service fees attract customers who no longer accept to waste hours within a bank branch.


Even though digital security is advancing every day, many people, and even businesses, see, for example, mobile banking as dangerous. However, the resources invested by financial institutions in cyber security, integration and continuous delivery, automated testing, analytics and monitoring tools that use analytics and artificial intelligence have met customer needs. Examples are the jump in interactions through chatbots and the broader offerings of products and services on digital channels that keep up with customers' needs and behavior quickly and effectively.


Governing the security of financial institutions is a big challenge. After all, data protection cannot fail. Our customers are large digital banks and are able to provide even more features and security compared to a conventionally opened account. The difference is the practicality of solving everything through the application without wasting more time with the bureaucracy of traditional banks.


The fact that consumers are prioritizing their cell phone to carry out these transactions is an indicator of their confidence in banks and that financial institutions are on the right track in offering solutions that combine convenience and security.


The effect of technology is realized when there is a purpose in its application, as well as a synergy with the other elements that make up the market and business context in which the banks are inserted. Mobile devices increasingly have features that ensure the security of information and user identity, using for example life proof through face recognition and movement.


What changes with GDPR


The Data Protection Act causes a real race of companies in search of adequacy. In general terms, it is an answer to the information security problem that should increase the confidence level for the data flow. Thus, the general rule for the financial system will be to maintain the confidentiality of the customer's personal and banking data.


The first will be a diagnosis of the company's own or outsourced IT staff - with risk analysis and impact reports of the new requirements. This will allow you to see at what stage the company is at, which are the most vulnerable points of its systems and which are the biggest risk factors.


Mandatorily, companies will have to have in their staff all data controllers (controller, operator and person in charge). Companies or groups that do not comply with the new requirements will be subject to a fine of up to R $ 50 million.

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