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Nov 2016 - Business Strategy - Doc # AP41392516

Business Strategy: The Asia/Pacific Customer Has Changed! What This Means for IT Security for Asia/Pacific Banks

Authors: Michael Araneta, Arpita Mitra
Abstract

This report presents the notable changes to the behavior, habits, and preferences of banking customers and examines the implications of these changes to the IT security strategies of financial institutions. A spate of major cyberthreat incidents continues to plague Asia/Pacific banking, proof that banks are not equipped to deal with the new nature and extent of risks in this digital era.

According to Michael Araneta, associate VP for IDC Financial Insights, "Banks face a different world in terms of the changes in how customers engage and interact with them. They need to ensure that their IT security solutions keep up. They now have to take a risk-based approach to cyberthreat detection and prevention analysis." Araneta continues, "Banks have to keep abreast of the new security solutions that will make current solutions obsolete or less necessary — biometric authentication, next-generation authentication, UBA, and cognitive systems are maturing very quickly. These new solutions will be relevant to the Asia/Pacific bank sooner rather than later."

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