Strengthening Security – The Vital Role of Digital Transformation and Regulation

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These days the financial sector faces numerous challenges, including the rise of new competitors, increasing customer demands for better experiences, digital transformation requirements, and the introduction of new regulations within the EU like DORA and PSD3 – PCR.

For banks to excel in this environment, they must stay informed about market changes and regulatory updates while also bolstering their defenses against cyber risks. Trust, a cornerstone of the financial industry, can take years to build but can quickly erode if cyber threats like ransomware disrupt banking services in branches or online.

Unlike other areas of competition, banks do not compete with each other on security measures. Instead, they share a common interest in maintaining strong security standards to uphold trust across the sector. The Digital Operational Resiliency Act (DORA) serves as a unifying force, setting a standardized baseline for all entities in the financial sector, including banks, insurance companies, and third-party service providers, thus enhancing trust and mitigating risks industry-wide.

Banking-as-a-Service is designed to leverage Samlink’s expertise in threat intelligence to identify threat actors and their methods. This intelligence helps enhance the bank’s ability to detect and respond to unusual activities. Additionally, response and recovery capabilities are seamlessly integrated into the service.

By using the security services provided by Samlink, banks can focus on their core banking functions, improving customer experiences, and advancing their digital transformation efforts. This strategic partnership enables banks to meet the evolving needs of stakeholders and customers while navigating the complexities of banking excellence.

In an era of digital disruption and regulatory change, security is a top priority for banks aiming for excellence. Through collaboration, innovative solutions, and adherence to regulations, banks can strengthen their defenses, build trust, and embark on a transformative journey toward banking excellence.