The digital experience in the age of digital banking pivots on digital identity management and protection, as well as the prevention of unauthorized access and dat breaches.
Cybersecurity breaches have increased following the global pandemic. Recent research by ForgeRock revealed an unprecedented 450% surge in cybersecurity breaches containing usernames and passwords globally in the past year.
CybersecAsia discussed some of the research findings, as well as a major bank’s approach to identity management, with Ajay Biyani, Regional Vice President for ASEAN, ForgeRock.
Based on ForgeRock’s most recent research, what are some key findings regarding the cybersecurity landscape?
Ajay: The year 2020 witnessed a massive digital migration. People did almost everything remotely, doubling the amount of time they spent online. Correspondingly, the total number of breaches increased and, while the number of “mega-breaches” dropped, cybercriminals broadened their attack surfaces to include organisations of all sizes and across industries to seize valuable assets.
This resulted in an unprecedented 450% surge in breaches containing usernames and passwords globally. The report also found unauthorized access was the leading cause of breaches for the third consecutive year, increasing year-over-year for the past two years, accounting for 43% of all breaches in 2020.
What are the key areas of concern and most vulnerable industry sectors in ASEAN?
Ajay: Breaches are affecting smaller enterprises – with many still involving tens of millions of records. This reveals that smaller enterprises are also prime targets and can’t afford to put off adopting the right cybersecurity strategy.
With the increased need for stronger cyber-defenses in the region, what can governments and enterprises do?
Ajay: There has been a huge increase in cyber-attacks over the past 18 months as a result of the pandemic and remote work. Unfortunately, businesses have never been so heavily at risk. Ensuring that organizations are secure from potential breaches doesn’t need to be an entirely complex process if the right tools and providers are in place.
A leading cause of data breaches today is unauthorized access. As such, by tightening up login and access strategy, governments and enterprises can minimize the risk of being attacked. This makes modern digital identity a top priority.
We need to enable our customers to simultaneously elevate both security and user experience. Users also need to have access to pre-integrated, third-party solutions, including identity proofing services, fraud prevention systems, bespoke authentication methods, and biometrics providers.
In the competitive world of banking and finance, how did ForgeRock help Standard Chartered Bank in its digital transformation journey, making customers’ digital experience secure a key market differentiator?
Ajay: The rise of neobanks, open banking and the acceleration of digital services has made the world of banking extremely competitive. For legacy institutions, like Standard Chartered Bank with a 160-year heritage, innovating and ensuring to provide the best digital experience to the customer is a key part of staying ahead.
Studies reveal that traditional banks are losing customers to neobanks because they are able to offer a more seamless customer experience. Our research shows that consumers are increasingly willing to use high tech firms for simpler banking products if a traditional provider makes it difficult to find out about or purchase their products on a mobile device or online.
In partnership with ForgeRock, Standard Chartered is introducing a new identity management solution to strengthen its ability to deliver an outstanding customer experience, which is also underpinned by world-class security. It’s a core component of the institution’s strategy over the next few years.
Standard Chartered Bank is changing the future of banking by simplifying authentication for its customers – letting customers decide the best way to access their accounts and get things done, without jumping through extra hoops.