A new report, published by AMD in partnership with 451 Research found that while financial organisations are further along in terms of digital transformation than the broader market, 82% indicate that major or moderate changes are still needed within the next 3-5 years to stay competitive. There’s a lot more to be done, and financial services and insurance (FSI) enterprises must carefully plan while managing risk.
Insurance brands know very well that cyber risk is a 24/7 thing and whether you are abig underwriter or a new digital broker, the need for knowledge is there. This new report from AMD looks at the power supercomputers can offer when managing online quote and bind systems, pricing risk, detecting fraud and so on. For those upating legacy systems, it is crucial to understand how new platforms, or eco-systems can offer true flexibility, plus real time security, when integrated into an existing system.
Building in new security capabilities as part of the digital transformation effort can cut down some of the complex risks that FSI businesses face daily and protect data while it’s being put to work.
Thankfully, a new class of silicon-based data protections can shield data from observation within the processor which can dramatically reduce the risk of data snooping, even at the motherboard level — meaning that even privileged administrators won’t have access. It also opens the door to greater infrastructure agility by improving security in on-premises environments, as well as in hosted services and clouds where these new processors are in use.
The use cases of better data protection technologies are only just starting to be understood. For example, fraud or money laundering can be detected while preserving the privacy of customers. Additionally, credit and risk assessments and financial trading analyses can be performed without parties disclosing sensitive data to competitors.
To read the full report, please see here. To find out more about AMD’s data security initiatives, please see here.
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