With the technology landscape evolving at such a fast pace, it is crucial to keep an eye on IT trends throughout the year. Some common themes to watch in IT: Cybersecurity and Cloud Outsourcing.
Cybersecurity continues to take center stage in IT Trends for 2018. With past and recent cybersecurity breaches like WannaCry, the Equifax breach, and others, the financial industry, and all industries really, are on high alert to ensure that their organization doesn’t fall victim to one of these popular attacks.
Phishing & Social Engineering
Tying into Cybersecurity, phishing and social engineering continue to be a challenge for organizations. With phishing and social engineering schemes becoming more sophisticated and hackers becoming more advanced, it is crucial to keep this top of mind to avoid financial or personal loss. For tips to combat phishing and social engineering, register for our webinar on March 28th and hear from Eze Castle’s Phishing and Social Engineering experts on steps your firm can take to mitigate risks from these types of attacks.
GDPR: General Data Protection Regulation
Additionally, with the GDPR deadline of May 25th steadily approaching, organizations should by now have a plan to become compliant, or already be practicing compliance. Organizations and institutions that don’t comply will face fines of €20 million or 4% of annual turnover, whichever is greater. Both EU firms and US firms have to be cognizant of the new regulation, and in 2018 we’ll see the impact of this regulation on protecting individual’s information as well as the breadth of financial damages for non-compliance.
Cloud computing has continued to expand across all industries, with 2018 likely being the greatest jump ever in increase of cloud-based workloads. This will continue to increase cloud storage capacity to meet these demands, in addition to the IoT (Internet of Things) expanding, evolving, and becoming more mature, it is estimated that there will be over 100 billion devices connected by 2025.
We see this upward trend of cloud-use in the financial industry, with more financial firms moving away from their outdated IT environments to the cloud-based solutions to support their business needs. While there are pros and cons of the public, private, and hybrid cloud, many firms are utilizing the hybrid cloud methodology to meet their business needs due to its flexibility and performance.
These are just some of the technology trends we’re seeing. Subscribe to our blog to stay up to date with new IT trends for the financial industry.
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