In recent years, it has been increasingly recognized that privacy is a right of all citizens. What has also become clear is that you cannot have privacy without security. Just look at the number of cyberattacks that have made headlines in recent years to see that companies have been irresponsible to date. No business is immune from cybercriminals today, especially financial services companies that process and process large amounts of sensitive information. With this in mind, these companies must ensure that they are adopting the right technologies to protect themselves from this growing threat.About the author Stephan Fabel, Product Manager, Canonical - Ubuntu Publisher. Encryption is one of the biggest solutions to this problem and is a catalyst for modern banking and financial technology. Banks are well known for using encryption for security reasons. Currently, the biggest challenge facing the finserv sector is to bring this level of security to the entire industry. Finserv customers want high levels of security, but also easy implementation, flexibility and agility, which is often a challenge for IT teams. Canonical is working closely with IBM to overcome this problem and provide its fintech clients with the technology to optimize data protection and privacy in both containerized and multi-cloud infrastructures. One of these technologies is the "Secure Services Container", a tool that has been specially developed for container-based applications on IBM LinuxONE. Banks and fintechs are already using this technology to protect against three of the most common attack factors: malware, ransomware and memory scraper, as well as other attack methods. Traditional attacks are used to steal cryptocurrency and insider attacks that compromise user credentials.
What is the role of open source in the future of open banking?
Using the combination of hardware and software offered by the so-called "security services container", developers get the same quality of security as Linux, and it works in any data center, whether on-premises or using cloud services. The next generations of finserv IT infrastructures are based on Linux because they are easy to implement and provide you with a highly functional and easily automated stack. Industry giants like Barclays have already built entire data center infrastructures around Linux. In addition to providing easy access to software innovations and frameworks for IT teams, open source software also increases trust, which is essential for long-term security compliance. As far as near source software is concerned, it is impossible to verify all the background activities that occur, and in case of a bug or error it is difficult to analyze the reasons behind them, since only the original developer can access the backend. In the case of open source, the developer community is very quick to catch and fix bugs or bugs.Why is container-based technology the key to future security in the finserv industry?
In the financial services industry, containerization can bring new levels of security, economy, and efficiency for developers. Most developers are not security experts, but are looking to save costs when implementing new applications and systems. With containers, you can push a button, move objects to the cloud, and it will work like a virtual machine. These features are not traditionally available to developers to provide advanced security through hardware. Even with physical access to computers, cybercriminals will not be able to break into the system.What is the role of crypto and blockchain in the future of finserv security?
In about 10 to 15 years, quantum computers will be powerful enough to break all current cryptographic keys, and the banking and finance industries are already gearing up for post-quantum cryptography. Technology providers are already populating their systems with such algorithms, moving from firmware to hardware. When quantum computers reach the required power level, most companies will have to decrypt all their data and encrypt it with the new post-quantum cryptographic methods. Furthermore, blockchain technology will also become one of the key security algorithms. The goal is to allow the finserv industry to operate, test, and run analytics without data. It's also great that new entrants in the finserv space, who have never had legacy systems, are building their infrastructure on non-monolithic systems.- Introducing the best VPN for security and privacy.