Predictions: Tech Trends for Financial Firms in 2017
The start of 2017 is just around the corner, and we expect there will be a lot to keep our eyes open for on the technology front. Here are some hot tech trends we think will be top of mind for firms in the coming year.
Hyper-converged infrastructure is a type of software-centric system that combines the server and storage components of a virtual machine into one appliance. Hyper-converged systems provide simplicity and savings by bringing all required functionality into one infrastructure. And unlike a merely “converged” infrastructure, hyper-converged systems are software-defined, meaning their hardware components cannot be separated and function independently.
Centralized Encryption Key Management
As companies decide to protect more data, they in turn have become more dependent on encryption keys. This means management and governance of those encryption keys is a major effort. Many firms are moving towards centralizing their encryption key management protocols, ensuring end users across the organization are following the same policies and protocols.
Password Management Systems
Business and personal security will continue to be trends into 2017, particularly as new security breaches come to light. Yahoo’s latest hack announcement, for example, shed light on common IT security mistakes for end users, such as reusing passwords on multiple sites. Password management systems allow you to store passwords encrypted, requiring the user to create a single master password which gives them access to their entire database. Password managers can protect against phishing as well as keystroke logging. Systems such as LastPass are designed to give you peace of mind and lessen the chances that hackers get their hands on your personal information.
In some cases, even if a hacker is able to identify your password, your information might still be safe. How, you ask? Multi-factor authentication. We’re seeing multi-factor capabilities pop up across a host of sites and applications, ensuring users are who they say they are and adding an additional layer of security to password-protected information. Authentication factors can be possession based (mobile device/ATM card), inherence based (fingerprint), or knowledge based (password or security question answer).
Cybersecurity Regulations in Hong Kong and Singapore
Regulatory authorities in both Hong Kong and Singapore have taken a keen eye to cybersecurity in recent months and have issued guidance updates and recommendations to financial firms with regards to protecting their sensitive information. Each country’s Monetary Authority, as well as other financial and banking regulatory bodies, has introduced initiatives to better identify, monitor and respond to cybersecurity incidents, and we expect this will be a significant focus area across Asia in 2017 and beyond.