Capitalising on agility to win the digital banking competition


By MYBRANDBOOK


Capitalising on agility to win the digital banking competition

For every bank in today’s age, digital transformation has become a herculean task being saturated with technology. Traditional banks and lenders are now required to embrace unpredictability, maintain agility and digitise to the core. This signifies the need for a new approach to banking.

 

The digital landscape we once knew is dead, and the traditional roles of PR and marketing professionals have been left in the dust. New challenges require us to constantly adapt and survive in order to thrive in our changing environments. The cloud and increasingly complex ecosystems are significant today, especially as banks begin to transform and recognise the importance of partnerships with other banks, old or new. We are hearing newer terminologies like Neo Banking, Branch X and many more new things are coming up. There are commonalities between all banks, but the real question here is: what makes banks successful? 

 

The coronavirus pandemic which has been wreaking havoc on a global-scale came along as the harbinger of tough times for both big and small organisations all over the world. Amid these extreme times, many companies had to lay off their employees, pull back on marketing spends and even choose to wind up. At this difficult times, the cybercriminals are leaving no stone unturned to take undue advantage of this pandemic. Their arena of attacks from enterprises and businesses has slowly burgeoned into the healthcare sector. 


 
Secondly, the cyber attackers have become cognizant of the fact that dependence on the hospitals will rise in the due course of the pandemic.   The healthcare industry has transitioned to a paperless process and has embraced the use of advanced technology i.e. Using software for maintaining patients’ profiles, storing healthcare data in the cloud, advanced medical devices, but apart from the convenience that it brings on the table, the aspect of safeguarding the vital data of patients remains neglected.


A things to seriously consider is, Ransomware is on the rise – only this time, attackers seem to be more targeted. With a plethora of multi-faceted approach & tactics lined up in its belt, ransomware can affect any organization at any time. Keep your personal and company data from the breaches. No organization wants to deal with it—not only is it expensive, it can also have long-term effects. Our survey finds, many large organizations with significant security controls in place are still falling prey to ransomware.

 

There’s a scramble to make businesses more secure and a drive to keep the sensitive information of employees and clients alike under greater protection. Apart, from sending malicious emails to medical practitioners, hacking patient’s data for ransom, luring hospitals to click on fake offers for buying medical equipment in bulk, the cyber attackers have found a  novel way by Medjacking i.e. manipulating the medical devices and instruments to show faulty results leading to wrong prescription. These devices don't usually come with built-in security systems, so they become the prime targets for hackers thus maligning the reputation of an equipment manufacturer and gives easy access to hospital’s network.

 

Ever since the pandemic has struck humans, there have been numerous deaths but hacking and manipulating the hospital software and medical devices paints a sorry picture of us humans being the opportunists to earn money.
 

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