Consumer privacy, cybersecurity, and data management will be key areas of focus for financial services in the coming year. As consumers become more aware of how they want their personal information protected, financial institutions will be called upon to explain what they’re doing to protect consumers’ privacy and, in many cases, to remove consumer information. Cyberrisk fallout from the pandemic will carry over into 2021. As a result, financial institutions can expect losses related to account takeovers—the result of compromised credentials—to grow.
To stay ahead of the curve, and to mitigate their own risks, financial institutions will be forced to make strides toward successfully managing all of the data they have spread across their enterprises. Data overload has been a problem for financial services for years, and 2021 will be the tipping point that pushes institutions to get their data under control.