LINUXONE SOLUTIONS FOR BANKING - ICT Worx
ICTWORX is a specialist ICT training & skills provider to corporations & government agencies, that empower their people with the enterprise technology skills required for a 21st century workplace.
ICTWORX, ICT, Specalist training, skills provider, Mircosoft training, Microsoft Training Johannesburg, IBM, IBM Training, Comptia Training, FET Training, National Certificate Training, Systems Development, Systems Support, End User Computing, SAQA, Training Courses, Customized Courses, Computer Courses, Computer Courses Johannesburg, Computer Training, Empowerment, Empowering Organizations, Empowering People, Learn Quest, SAP Partner, Interactive Collaborative Training Worx
15836
post-template-default,single,single-post,postid-15836,single-format-standard,qode-quick-links-1.0,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-11.1,qode-theme-bridge,wpb-js-composer js-comp-ver-5.1.1,vc_responsive
 

LINUXONE SOLUTIONS FOR BANKING

LINUXONE SOLUTIONS FOR BANKING

Trusted Actions

The Business of Banking Enabled by Secure Flexibility and Responsiveness

“The number one concern of our customers is if we are safe to do business with them. If we
cannot show that we are smart enough to be trusted, we have lost them and will not get them
back.” CEO, International Banking Organization, Feb 2018

Safety and security. This is the #1 topic when talking about the digital market with organizations. Within
that sphere, there is no more sensitive arena than the commercial financial groups that do business over
the Internet. Where customers are unprotected from data vulnerabilities, a financial product and services. Organization risks the complete exposure of the monetary foundation that makes such a business viable. If a commercial financial services organization wants to thrive as an ongoing,
healthy enterprise, it is essential that it be able to demonstrate the competence of
its protection of customer information. Agility and flexibility are important to compete in the digital marketplace but it is vital that all of the transactions conducted by an organization are safe and secure,
especially in the financial services area. The erosion of trust after a large breach is a stab into the heart of an organization.

In a recent Solitaire Interglobal Ltd. (SIL) study, the effect on an organization’s customer base for multiple industries was analyzed. The rapidity and strength of adverse customer response to breaches at financial services providers is far larger and more fragile than any other area.

Customers need to be able to trust an organization to protect the information that it collects from them
and uses to conduct its business. Failure in this area erodes an organization’s reputation faster than any
other factor. It is perceived as a betrayal in an unspoken contract between buyer and seller.

The recovery of the pre-breach level of financial customers can take as much as 19.5 months. Even the
reported average time of 7.5 months is extremely expensive for the commercial financial organization.
If an organization relies on new customers, the cost of getting one new customer increases by an average
factor of 1.32 compared to the expense before the incursion. Any market expansion will have to deal with
reestablishing reputation so that new customers feel confident enough to engage with the business. To do that the history of demonstrated vulnerability and security failure have to be actively overcome.
If an organization attempts to lure their abandoning customers back into the fold, the costs reported by
mature financial organizations are as much as 18.6 times the initial cost of acquiring their business. If the financial organization is not a mature one (one in business for more than 5 years and with a normal
annual customer retention in excess of 80%) the chances of it existing as a standalone, viable entity in a
year is only 34.2%.

In other words, being successfully hacked is extremely bad for business. Especially for financial
organizations. The viability of the financial organization is also extremely sensitive to the number of breaches and how those events are handled. In some cases, organizations have tried to conceal the fact that there was a significant incursion. The emotional reactions of affected customers are directly attributable to how quickly and straightforwardly the company reacts to the breach.

“Cyber-confidence is crucial for finance. Consistency between security and threat is a key factor
in Reputation and Customer Trust.” Stéphane Nappo, IBFS Global Chief Information Security Officer & Board Advisor, Paris, France

No Comments

Post A Comment