Security at the Edge for Front-of-House Bank Operations

With the global IoT security market poised to grow from an annual $12.5 billion to $36.6 billion over the next five years, it is clear the need for solutions to protect the front-of-house bank operations is imperative. Devakumar Rajagopalan, Banking Segment Marketing Manager, and Wallace Lee, Senior Platform Solution Engineer, both with Intel’s Internet of Things Group, brought their insights on the current situation to this episode of To The Edge and Beyond.

Rajagopalan spoke about the frequency of cybersecurity events occurring in banking.
“Every day, we hear of an organization where there is a data breach or a customer is losing money from their account with stolen credentials,” Rajagopalan said.

And how does the pandemic factor into these issues and risks?

“2020 was a challenging year for banks when it comes to cybersecurity,” Rajagopalan said. “Because of COVID, the customer has to do more virtual banking, and employees are working from home. This has created the biggest cybersecurity challenge for banks.”

Rajagopalan noted that, during comparative periods in 2020 vs. 2019, the number of cybersecurity incidents was up significantly.

“There is no doubt the financial industry’s done a good job keeping up with the investment in cybersecurity infrastructures,” Lee said. “Unfortunately, cybersecurity today is still pretty much like a game of cat and mouse. Why, you may ask? Because there is no way to know the vulnerability if you don’t know they ever existed.”

Edge Computing offers a wide range of security benefits for banks, including the ability to defend the attack right at the source without compromising the overall banking systems – once an attack has happened, there is a high chance it can multiply. This would allow a bank to defend an attack on one individual kiosk at the branch level rather than allowing the attack to spread to kiosks across all branches.
Intel is partnering with Independent Software Vendors, System Integrators, Video Analytics providers, and Banks to deploy and develop Edge security solutions.

Learn more about banking security solutions by connecting with Devakumar Rajagopalan and Wallace Lee on LinkedIn or visit https://www.intel.com/content/www/us/en/financial-services-it/financial-services-overview.html

Subscribe to this channel on Apple Podcasts, Spotify, or Google Podcasts to hear more from the Intel Internet of Things Group.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More
Hiring Made Human: Hiring When You’re a Start-Up
July 11, 2024

The challenges of hiring for a startup have become more pronounced these days than ever. With technological advancements and evolving market demands, startups must be agile and strategic in their hiring practices to ensure success. According to some studies, nearly 90 percent of startups fail, with a significant factor being the inability to attract…

Read More
Focus on the Customer
Fifth Inning – Focus on the Customer
July 11, 2024

In a compelling narrative by Jesse Cole, the Savannah Bananas, a baseball team known for its unconventional approach, has declared advertising dead. Cole emphatically asserts that while advertising may attract customers, it is the fan experience that fosters lasting loyalty. In a bold move, the Savannah Bananas have eliminated all forms of advertising at…

Read More
Dr. Mark Manera talks Trucking Industry
The Trucking Industry Needs a Fitness Overhaul to Jumpstart a Trucking Health Revolution
July 11, 2024

With the trucking industry seeing many changes that prioritize efficiency and productivity, the health of truck drivers has increasingly peaked as a critical concern. With life expectancies for truck drivers averaging 16 years less than the general population, there is an urgent need to address health issues within the industry. Recent initiatives, like the…

Read More