How banks stay competitive in a digital landscape with increased cyber threats

In banking and finance, the transformation strategy needs to have the customer experience in focus to build trust, which is crucial in today’s digital life with fewer physical customer meetings.

Banks must be agile in their business model to quickly create new applications that are required for an optimized user experience, says Ricardo Ferreira, Field CISO at Fortinet.

With DORA (Digital Operational Resilience Act), European financial institutions get new guidelines aimed at reducing the risk of cyber-attacks. Fortinet helps its customers comply with these regulatory requirements. – We can protect everything that has access to the network and banks should have a security architecture that includes multiple private and public cloud platforms. What makes Fortinet unique is that we can take a holistic approach to security in the financial institutions’ digital transformation journey, says Lars Berggren, Country Manager Fortinet Sweden.

An improved user experience with Bank 4.0

In the Nordics, cash handling has decreased significantly in recent years, while digital payment solutions have increased rapidly. Swedish banks, for example, were early in launching internet banks, but in recent years the focus has shifted to make sure they comply with the regulatory requirements. With new Fintech companies attracting customers, Swedish banks need to put more effort into their digital development to be competitive. Cyberattacks and threats are becoming more and more sophisticated. Fortinet provides support in the digital transformation and has crucial expertise in risks and threats

– Cloud-based platforms, both private and public cloud, are crucial for banks when developing solutions for a better, high-quality user experience. The transformation that banks need to go through, with new digital platforms and a more agile business model, is what we refer to as Bank 4.0. Today, you need to be fast and flexible to protect yourself and there must be a proactive security platform that supports the business and provides a holistic view, says Lars Berggren.

Secure the brand reputation of your bank

Digitalization brings many opportunities for the banks, such as increased sales, finding new business models and applications as well as refined customer offerings. Fortinet can help improve user-friendliness and at the same time secure the bank’s brand reputation by reducing the risk of cyber-attacks, says Ricardo Ferreira.

Read more about the driving forces in the market that are affecting banks right now, and how an improved infrastructure for cyber security can strengthen your competitiveness, in this e-book.

About Fortinet

According to Gartner, Fortinet is a leading provider of cybersecurity solutions and enables companies to build secure digital infrastructure and be at the forefront of their digitalization journey. The Fortinet Security Fabric platform provides broad, integrated, and automated protection for the entire digital attack surface, by securing critical devices, data, applications, and connections from the data center to the cloud as well as to the home office.