Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Banking Risks in Digital Era

May 16, 2024
Reading Time: 3 mins read
in News
Banking Risks in Digital Era

The digitalization of banking, coupled with the entry of Big Tech firms into the financial sector, has brought forth a new wave of vulnerabilities and heightened existing risks, according to a report released by global banking regulators on Thursday. The Basel Committee highlighted the profound impact of technological advancements such as cloud computing, artificial intelligence (AI), distributed ledger technology (DLT), and open banking on the banking system’s risk landscape. These innovations, while fostering efficiency and innovation, also introduce complexities that may necessitate new regulatory measures to mitigate associated risks effectively.

The report underscores the potential challenges posed by external operators employed by banks, who often operate outside the purview of traditional regulatory frameworks. These entities, including fintechs and tech companies providing crucial banking services, create additional nodes of channels and interconnections within the banking ecosystem, raising concerns about regulatory oversight and compliance standards. The Basel Committee emphasized the need for a comprehensive regulatory approach to address these evolving risks, considering factors such as strategic, reputational, and operational risks, as well as the broader implications for system-wide stability.

As part of its mandate, the Basel Committee is committed to assessing the evolving landscape of banking risks and identifying areas where additional standards or guidance may be necessary to enhance risk management practices and safeguard financial stability. With central bankers and banking regulators from major economies collaborating under its purview, the committee plays a pivotal role in shaping global regulatory frameworks to adapt to the challenges and opportunities presented by the digital transformation of banking.

Reference:
  • Global Regulator Warns of Risks in Banking Digitalization
Tags: AIbankingBasel CommitteeBig Tech firmCyber NewsCyber News 2024Cyber threatsCybersecurityFinanceMay 2024Vulnerabilities
ADVERTISEMENT

Related Posts

Cryptomus Fined 177M By FINTRAC

Cryptomus Fined 177M By FINTRAC

October 24, 2025
Cryptomus Fined 177M By FINTRAC

SpaceX Cuts Starlink In Myanmar

October 24, 2025
Cryptomus Fined 177M By FINTRAC

Russia Managing Cybercrime Groups

October 24, 2025
NY DFS Updates Third Party Cyber Rules

NY DFS Updates Third Party Cyber Rules

October 23, 2025
NY DFS Updates Third Party Cyber Rules

Keycard Raises 38 Million Funding

October 23, 2025
NY DFS Updates Third Party Cyber Rules

Jaguar Land Rover Cyberattack Hits UK

October 23, 2025

Latest Alerts

China Hackers Breach Telecom Firm

YouTube Videos Used As Malware Traps

Lazarus Hits European Defense Firms

Gift Card Heist Via Cloud Hackers

MuddyWater Launches Global Spying

Fake Zoom Calls Target Ukraine Aid

Subscribe to our newsletter

    Latest Incidents

    Hackers Breach Verstappen Data

    Toys R Us Canada Data Breach Alert

    Shaq Range Rover Stolen After Hack

    Ransomware Hits Jewett Cameron

    Salt Typhoon Hacks European Telecom

    JFL Loses 800K Weekly After Hack

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial