{"id":415,"date":"2023-01-27T07:25:20","date_gmt":"2023-01-27T07:25:20","guid":{"rendered":"https:\/\/assignmentwritingservice.ae\/blog\/?p=415"},"modified":"2024-11-25T11:09:50","modified_gmt":"2024-11-25T11:09:50","slug":"4-trends-shaping-emea-banking-sector-in-2023","status":"publish","type":"post","link":"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/","title":{"rendered":"4 Trends Shaping EMEA Banking Sector In 2023"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#Throughout_This_Blog\" >Throughout This Blog,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#Its_Amazing_How_Prescient_Bruce_Schneiders_Quote_Is_Today\" >It&#8217;s Amazing How Prescient Bruce Schneider&#8217;s Quote Is Today,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#As_A_Result_Of_COVID\" >As A Result Of COVID,<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#An_Insider_Threat_Can_Be_Mitigated_By_Banks_Using_Three_Components\" >An Insider Threat Can Be Mitigated By Banks Using Three Components:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#A_Password_Manager\" >A Password Manager,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#The_Next_Line_Of_Defense_For_A_Bank_Is_Detection_If_Prevention_Fails\" >The Next Line Of Defense For A Bank Is Detection If Prevention Fails,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#An_IT_Risk_Strategy_Should_Include_Responses_And_Analyses\" >An IT Risk Strategy Should Include Responses And Analyses:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#The_Banking_Sector_Should_Place_Environmental\" >The Banking Sector Should Place Environmental,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#Bank_CEOs_Must_Take_Action_To_Address_All_Of_These_Issues\" >Bank CEOs Must Take Action To Address All Of These Issues,\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#In_The_Banking_Sector\" >In The Banking Sector,<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#Assisting_With_Banking_Assignments_In_A_Professional_Manner\" >Assisting With Banking Assignments In A Professional Manner:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/assignmentwritingservice.ae\/blog\/4-trends-shaping-emea-banking-sector-in-2023\/#It_Wasnt_So_Long_Ago_That_The_World_Was_Disconnected\" >It Wasn&#8217;t So Long Ago That The World Was Disconnected,<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Throughout_This_Blog\"><\/span><strong>Throughout This Blog,<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We&#8217;ll discuss the challenges facing the European banking sector, the risks and barriers they face in their digital transformation journey, and how increased agility can benefit them.<\/span> <span style=\"font-weight: 400;\">Managing fraud risk and combating cyberthreats<\/span> <span style=\"font-weight: 400;\">In a cybersecurity article, $10,5 trillion is predicted to be the global cost of cybercrime by 2025.<\/span> <span style=\"font-weight: 400;\">Banks are exposed to high levels of risk from outside the perimeter because of sophisticated social engineering attacks and threats from hostile nation-states.<\/span> <span style=\"font-weight: 400;\">In the past two years, however, it&#8217;s been internal threats that have intensified.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Its_Amazing_How_Prescient_Bruce_Schneiders_Quote_Is_Today\"><\/span><span style=\"font-weight: 400;\"><strong>It&#8217;s Amazing How Prescient Bruce Schneider&#8217;s Quote Is Today,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Nearly 20 years after he said it. As a security expert and CTO at IBM Resilient, his quote appears prophetic today.<\/span> <span style=\"font-weight: 400;\">The primary target of cyberattacks has shifted from technology infrastructure to humans, as cyberthreats continue to rise on a global scale.<\/span> <span style=\"font-weight: 400;\">Since the COVID-19 pandemic, banks have become increasingly vulnerable to phishing and other cybersquats due to a surge in employees working from home.<\/span> <span style=\"font-weight: 400;\">Ineffective management of processes and controls, for example, could expose banks to malware on shared home devices.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"As_A_Result_Of_COVID\"><\/span><span style=\"font-weight: 400;\"><strong>As A Result Of COVID,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Which is causing banks to disperse work and adapt to technology, security breaches and cybercrime are on the rise, according to the <a href=\"https:\/\/www.pymnts.com\/news\/banking\/2023\/4-trends-shaping-the-emea-banking-industry-in-2023\/\" rel=\"nofollow noopener\" target=\"_blank\">Centre for the Study<\/a> of Financial Innovation&#8217;s &#8220;Banking Banana Skins 2021&#8221; report.<\/span> <span style=\"font-weight: 400;\">The global payments system could be brought to a halt by a serious incident, in the worst case scenario (though very unlikely).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The infrastructure for remote working was already in place at many banks, but few could have predicted the enormous demand for it.<\/span> <span style=\"font-weight: 400;\">Users must be able to prove their identity to these institutions, and that they&#8217;re carrying out their actions according to their profiles.<\/span> <span style=\"font-weight: 400;\">Is their own device being used?<\/span> <span style=\"font-weight: 400;\">Can you tell me what the policy is regarding phones, tablets, and other devices?<\/span> <span style=\"font-weight: 400;\">Technology, people, and processes all come together to provide a solution.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"An_Insider_Threat_Can_Be_Mitigated_By_Banks_Using_Three_Components\"><\/span><span style=\"font-weight: 400;\"><strong>An Insider Threat Can Be Mitigated By Banks Using Three Components:<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Prevention, detection, and response and analysis, explains Viren Patel of Workday.<\/span> <span style=\"font-weight: 400;\">Whenever possible, preventative measures should be taken first.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_Password_Manager\"><\/span><span style=\"font-weight: 400;\"><strong>A Password Manager,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Also known as at-the-door authentication, is used to generate secure passwords and to implement good failure policies.<\/span> <span style=\"font-weight: 400;\">Patel says that MFA is also incorporated into the system.<\/span> <span style=\"font-weight: 400;\">In order to properly manage authentication requirements, organizations must understand who their users are, what their roles are, and how these roles vary.<\/span> <span style=\"font-weight: 400;\">The importance of policy reviews and updates over time should be understood by businesses. <\/span><span style=\"font-weight: 400;\">&#8220;Banks must expand their talent pools by taping into skill adjacencies and actively support their employees to develop new skills at speed in order to cope with permanent change.&#8221;<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Next_Line_Of_Defense_For_A_Bank_Is_Detection_If_Prevention_Fails\"><\/span><strong>The Next Line Of Defense For A Bank Is Detection If Prevention Fails,<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Login patterns must be able to be identified.<\/span> <span style=\"font-weight: 400;\">A login report allows organizations to see the IP address, username, and whether or not a login attempt succeeded or failed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key to understanding user behavior is also to understand their behavior.<\/span> <span style=\"font-weight: 400;\">Neither bank IT administrators nor auditors should underestimate the importance of understanding how users use their systems.<\/span> <span style=\"font-weight: 400;\">As Patel notes, understanding context and drilling down into specific sign-on details is essential.<\/span> <span style=\"font-weight: 400;\">It is important for organizations to use preconfigured rules to detect suspicious activity.<\/span> <span style=\"font-weight: 400;\">Taking action on user privileges should be triggered by alerts to minimize the time it takes to detect suspicious activity.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"An_IT_Risk_Strategy_Should_Include_Responses_And_Analyses\"><\/span><strong>An IT Risk Strategy Should Include Responses And Analyses:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is achieved by creating a culture of security that provides employees with continuous cybersecurity education and training.<\/span> <span style=\"font-weight: 400;\">In order to determine how many employees are clicking on dubious URLs, phishing exercises should be conducted with test emails sent to employees.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Banking_Sector_Should_Place_Environmental\"><\/span><span style=\"font-weight: 400;\"><strong>The Banking Sector Should Place Environmental,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Social, and governance (ESG) at the top of its agenda<\/span> <span style=\"font-weight: 400;\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/European_Central_Bank\" rel=\"nofollow noopener\" target=\"_blank\">European banks<\/a> are increasingly focusing on environmental, social, and governance (ESG) in the post-COVID era.<\/span> <span style=\"font-weight: 400;\">A number of stakeholders are putting pressure on banks, including investors and customers.<\/span> <span style=\"font-weight: 400;\">Investors analyze how climate change affects risk and its material impact.<\/span> <span style=\"font-weight: 400;\">In deciding which brands to work with, customers increasingly consider the ethical credentials of banks.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bank_CEOs_Must_Take_Action_To_Address_All_Of_These_Issues\"><\/span><strong>Bank CEOs Must Take Action To Address All Of These Issues,\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Almost threequarters of CEOs interviewed by KPMG said their ability to anticipate and navigate the shift to a low-carbon, clean-tech economy will determine their future growth.<\/span> <span style=\"font-weight: 400;\">Most banks are having a hard time understanding what the future holds for them.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"In_The_Banking_Sector\"><\/span><span style=\"font-weight: 400;\"><strong>In The Banking Sector,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">ESG is all about capturing data and providing actionable insights.<\/span> <span style=\"font-weight: 400;\">Investing in sustainable assets is inevitable, but institutions cannot simply walk away from &#8220;unsustainable finance&#8221; assets due to short-term profitability requirements.<\/span> <span style=\"font-weight: 400;\">Mapping all those potential consequences requires experience, insight, and data.<\/span> <span style=\"font-weight: 400;\">AI and machine learning help both analyze business data as well as execute on ESG with the help of another set of technologies &#8212; artificial intelligence and machine learning.<\/span> <span style=\"font-weight: 400;\">Moreover, cloud-based solutions deploy AI\/ML inherently.<\/span> <span style=\"font-weight: 400;\">For the banking industry to transform and to keep focus on environmental, social, and governance issues, three technologies are essential, including cloud computing, data analytics, and artificial intelligence\/machine learning.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Assisting_With_Banking_Assignments_In_A_Professional_Manner\"><\/span><strong>Assisting With Banking Assignments In A Professional Manner:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Providing the best UAE university assignment help is the main motive of <a href=\"https:\/\/assignmentwritingservice.ae\/\">Assignment Help Sharjah<\/a>.<\/span> <span style=\"font-weight: 400;\">To ensure that students are able to complete all their homework without any problems, we strive for perfection in our work.<\/span> <span style=\"font-weight: 400;\">Online tutoring is the key to keeping up with the pace of different specialized courses.<\/span> <span style=\"font-weight: 400;\">Many colleges offer different courses with different syllabuses.<\/span> <span style=\"font-weight: 400;\">University courses may vary from one to another, depending on their specialization.<\/span> <span style=\"font-weight: 400;\">The Emirates Institute for Banking and Financial Studies (EIBFS) &#8211; Sharjah branch comes to mind as one such university specializing in banking, financial and insurance education.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"It_Wasnt_So_Long_Ago_That_The_World_Was_Disconnected\"><\/span><span style=\"font-weight: 400;\"><strong>It Wasn&#8217;t So Long Ago That The World Was Disconnected,<\/strong> <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">But thanks to technology and the internet, the world is becoming smaller or more interconnected.<\/span> <span style=\"font-weight: 400;\">Over the past few decades, industrialization, capitalization, and liberalization have brought many changes to the financial system.<\/span> <span style=\"font-weight: 400;\">Economies, banks, and stock markets are all dependent on money.<\/span> <span style=\"font-weight: 400;\">It makes sense to specialize in the BFS industry.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Throughout This Blog, We&#8217;ll discuss the challenges facing the European banking sector, the risks and barriers they face in their digital transformation journey, and how increased agility can benefit them. Managing fraud risk and combating cyberthreats In a cybersecurity article, $10,5 trillion is predicted to be the global cost of cybercrime by 2025. Banks are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"ppma_author":[218],"class_list":["post-415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"authors":[{"term_id":218,"user_id":1,"is_guest":0,"slug":"admin","display_name":"Admin","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/6c8edd19575ded372c167966c9c3acb82898101a62f6025d39affd60bf4563da?s=96&d=mm&r=g","1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/posts\/415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/comments?post=415"}],"version-history":[{"count":1,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/posts\/415\/revisions"}],"predecessor-version":[{"id":418,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/posts\/415\/revisions\/418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/media\/417"}],"wp:attachment":[{"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/media?parent=415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/categories?post=415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/tags?post=415"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/assignmentwritingservice.ae\/blog\/wp-json\/wp\/v2\/ppma_author?post=415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}