Our world is changing at a rate faster than anyone can keep up with
New technologies and the digitization of personal data and finances means we are opening up our lives to a new modern world. As an increasing number of companies and governments move their processes online, the more vulnerable they become to numerous digital threats.
This also includes normal citizens that use these systems. While this disruption can improve our lives, it also has some downsides that need to be considered when it comes to your personal data and its security.
In the past, personal privacy and security hasn’t been considered a high priority, as many companies build their own products and services. Unfortunately, greed has driven businesses to prioritize speed over safety. According to Statista, the number of data breaches in the United States in 2020 totaled 1001 cases, while over the course of the same year over 155.8 million people were affected by data exposures. These incidents were revealed to be due to a complete lack of or less-than-adequate approach to sensitive information and information security.
This is especially true with digital products and the people who use them. Oftentimes, people will blindly trust in a company to do their due diligence, but many times, back doors get left open and they are susceptible to attacks on their personal privacy or data. Today there is a large need for anti-money laundering services, considering how out-of-control things have become.
In terms of the financial world, additional regulations need to be put in place to battle against money laundering and terror funding across the globe. The risk management solutions in an increasingly digital financial sector should be carefully considered, but highly prioritized. These days, being able to discover, identify and prevent illegal transactions from happening requires constant, non-stop surveillance. Humans simply aren’t capable of catching everything, so we will rely on new digital technologies and software to help in the global fight against these attacks. Regulatory technology is primed for massive growth as it helps financial institutions maintain compliance due to the large increase in this kind of behavior. These kinds of companies stay on top of the latest changes across an array of areas like addressing identity concerns, monitoring transactions, compliance, regulatory reporting, and risk management.
Every company should be considering investing in a professional to help them to discover the cracks in their own frameworks and patch them before someone else finds them and exploits them. Doing this will keep financial institutions and businesses a few steps ahead of criminals. With increased threats institutions are ramping up regulatory updates at an incredible rate, from 2004-2018 it went from 10 per day to approximately 208, according to Reuters. This is good news as it will act more quickly to catch anyone taking advantage of the systems and institutions. This is also beneficial to the economy because it will open a world of job opportunities for people looking to pursue a career in the financial or technological sector. This industry is one that will grow at a rapid rate over the next few decades as our technology does as well.