SINGAPORE (Nov 19): Amid the embrace of fintech and all things digital, financial institutions face yet another challenge — cybersecurity risk. This is particularly so in a region such as Southeast Asia, where many consumers are probably using digital banking services for the first time. Yet, amid the excitement over new technologies, there is little emphasis on risk and consequences, says Rohit Ghai, president of cybersecurity firm RSA.

While banks are capitalising on the opportunity to grow their customer base very quickly, it also comes with a lot more risk. “Only 27% of [Southeast Asian] consumers are participating in the financial and banking services industry. There’s so much headroom in terms of growth opportunity and, along with that, so much risk,” Ghai says.

These risks are not minor either, running the gamut from the lack of awareness about cyber hygiene practices among the growing consumer population, to online fraud and even in new technology being integrated into legacy infrastructure.

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