Safeguarding Customer Information and Driving Digital Innovation in Financial Services

In the dynamic landscape of financial services, the collection, analysis, and application of digital personally identifiable information (PII) is changing traditional business models. This evolution spurs broader ecosystems and introduces new competition. For instance, banking’s return on equity (ROE) by 2025 could range from a healthy 9.3 percent to an unsustainable 5.2 percent, largely determined by the adoption of new digital services.

In insurance, achieving greater digital maturity by adopting DevOps processes and leveraging cloud deployments opens new revenue opportunities. However, the complexity of these ecosystems, which involve multiple stakeholders such as consumers, brokers, vendors, and reinsurance partners, also increases the threat surface for cyber attacks.