industry
UNLOCKED and further power instances of black hat hacking . Quantum Computing , as one example , can crack an encryption key in a matter of hours , leaving current security approaches at significant risk .
Already , the Information Commissioner ’ s Office ( ICO ) reports that UK firms have experienced a 30 % increase in data incidents between 2022 and 2023 , showcasing that there is more need than ever to invest in the right technology to prevent the risk of malicious attacks and human error .
Investment must therefore be directed towards remediating legacy infrastructure for security vulnerabilities , as well as enhancing threat detection and response through improved risk analysis . For financial services companies , secure communication is also essential , and the focus must extend beyond simply storing sensitive financial data to implementing techniques that prevent this information from being intercepted in transit .
Prioritising people
As well as implementing the right technology to drive forward digitisation , the UK financial services sector must also prioritise closing the digital skills gap to stay competitive in finance ’ s digital future . However , making sure these technologies are correctly implemented and run smoothly relies on training and upskilling individuals accordingly .
This process requires a well-thought-out approach and should be executed as part of a Digital Transformation strategy . Appointing digital-savvy leaders to drive change forward across institutions
Paul Holland , CEO of Beyond Encryption
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