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Lax data security practices can put broking businesses and their customers at risk, with the issue set to become more critical in the coming years as open banking advances. Tas Bindi speaks to leading experts in cyber security and finance about how brokers can minimise the risk of data breaches.
Cyber security may seem to be a technical issue, but in reality, it is a much broader business risk. A serious data breach, as many widely publicised incidents show, can result in significant penalties, financial loss and reputational damage. Poor data management and protection practices can put a business in jeopardy by opening the door for attackers to access, corrupt, destroy or sell sensitive information – such as credit card details, financial statements and identity data – on the dark web.
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