2024 Trends & Predictions: Cybersecurity

Financial services organizations are tasked with keeping up with ever-evolving cyber technology and the inevitable cyber threats that go along with modernization and advancing technology. It’s an age-old story of innovation being manipulated by cybercriminals to exploit financial institutions and their customers and members. Furthermore, government regulations and legal requirements often dictate what organizations in all industries can and cannot do. 

Financial institutions must be prepared to tackle advancements in artificial intelligence—both in making AI a beneficial tool for fighting cybersecurity threats and ensuring cybercriminals can’t infiltrate FIs’ internal systems using AI to create deepfakes or even misinformation and/or disinformation that fools employees into disclosing secure, proprietary information. Consumers’ chosen authentication methods also will prove to be a hot-button issue for FIs looking to secure accounts through passwordless authentication. Lastly, dark web monitoring will become a major factor for FIs in the know-your-customer process, as well as for identity protection services providers in expanding their offerings.