The amount of cyber threats and breaches in the modern world is increasing, and although the financial services and banking industries are some of the most highly regulated in the world, they are at the top of cyberattack targets.
In Egypt, the industry parameters are shifting as the Egyptian government heavily promotes financial inclusion to make banking services available for all Egyptians. This is causing exponential growth of financial technology (fintech) and digitalization as well as opening doors to technology-enabled innovative solutions that makes controlling the big data volume a challenge.
The banking sector has traditionally placed high importance on the protection of its networks and the security of its clients’ data. In other words, the IT architecture of a bank or financial institution will necessarily incorporate many interconnected and interdependent computer systems. The leaking or breaching of data can have serious consequences, causing significant reputational damage and the loss of long-standing clients.
While hackers innovate faster than many organizations can keep up, some institutions take compliance a step further by striving to create a resilient security posture to protect their most valuable assets; their people. ALEXBANK is one of those.