The COVID-19 pandemic has opened the way for great opportunities for FinTech companies. The term for it is called COVID propelled transformation. Who would have thought that a world wide pandemic will be the silver lining in ensuring the world becomes more digitally adept. Now, customer penetration has increased to record highs in an effort to ride the digital transformation wave that everyone wants to be a part of.
However, with new opportunities come new risks. When risks and digital are in the same sentence, you know we mean risks of the cyber security kind. According to an Accenture report, financial services incur the highest cybercrime cost of all the industries studied. Just think about one of the largest data breaches in recent history, the Equifax incident in 2017, which exposed the personal information of 147 million people. Equifax has spent $1.4 billion on security upgrades alone in the wake of the incident.
In the long run, it is expected that more and more FinTech companies are going to be under the scope for similar attacks. The only industry that develops as fast as FinTech is cybersecurity, although the latter seems to be one step behind attackers. Now, with Entrust, this does not have to be the case.
Affordable cyber security solutions for companies of all sizes are the only way to be one step ahead of attackers for a change. This is why at Entrust, it is emphasised that security is not another regular buzzword. Entrust helps you protect your organisation from evolving security threats with high-assurance digital security solutions for any environment – cloud, on-premises, or IoT.
Entrust supports 6,000+ customers in more than 150 countries worldwide and manage billions of transactions annually, but the Entrust team comes to work every day with the same core belief—with technology built on trust, they can change the world. It really is no mystery as to why trust is in their name.
Entrust has sponsored the fast approaching East Africa Fintech Summit, that is being hosted by CIO East Africa. It will be a virtual event that will unfold on May 20th and 21st. To be part of this revolution, join the summit to gain expert insight from practitioners, researchers, and vendors on the forces, services, and technologies driving the financial services industry transformation.
While reflecting how businesses have changed their transaction models over the past few decades, it occurs that enterprises globally have proven the business case for a 100 per cent remote workforce and customer base, adding to the changes in traditional banking institutions. Will banks become obsolete?
Such are some of the questions that will be answered at the two-day summit, which will host regional industry experts together with Lanre Bamisebi, the Group CIO at Equity Group, Faheem Ali, Expert Financial Inclusion at Fintech and Digital Transformations, Brian Kalule, Partner at Bowmans in Uganda, and Stephen Mwaura, the Chairman and Founder of Fintech Institute among others.
Register for the virtual event here