Intelligent CIO Europe Issue 56 - Page 9

NEWS

Meeting the hidden cost of strong customer authentication ( SCA )

BioCatch , a global leader in behavioural biometrics , and Goode Intelligence , have released a report highlighting the challenges and potential improvements of strong customer authentication ( SCA ) implementation across the EU .

According to the European Banking Authority ( EBA ), fraud rates have fallen for issuers because of high SCA compliance adoption , with the average value of fraudulent card transactions falling by 50 % from June 2020 to April 2021 . However , the decreasing fraud rates have come at a cost , with EuroCommerce , Microsoft and CMSPI all citing an increase in customer abandonment rates . Indeed , CMSPI reported a 30 % rise in abandonments , estimated to have cost merchants £ 74 billion in lost sales .
Beyond Compliance : Comply and Thrive in a PSD2 World from Goode Intelligence shows that to reverse the trend of declining customer experience , banks and payment services providers are turning to behavioural biometrics . Analysing behaviour has become integral to fighting fraud , remaining SCA-compliant and mitigating implementation problems that lead to cart abandonment .

CNI organisations must lighten load on cyber teams or risk mass exodus of workforce

UK critical national infrastructure ( CNI ) organisations must take steps to ensure cyber leaders have the right budget , skills and tech stack to build out and implement an effective cybersecurity strategy or risk an exodus of skilled cybersecurity professionals , according to new research from UK cybersecurity services firm , Bridewell .

The research , which surveyed UK cybersecurity decision-makers in the communications , utilities , finance , government and transport and aviation sectors , reveals 95 % are experiencing factors that would make them likely to leave their role in the next 12 months . Over four in 10 ( 42 %) feel a breach is inevitable and do not want to tarnish their career , while 40 % say they are experiencing stress and burnout which is impacting their personal life .
The prospect of people leaving jobs is particularly problematic for CNI organisations at a time when the threat of attacks remains high . Over two-thirds of UK CNI cyber leaders say that the volume of threats and successful attacks has increased over the past year and 69 % say it is harder to detect and respond to threats .
Fears of staff leaving are also compounded by the ongoing skills shortage in the sector with 68 % saying it has become harder to recruit the right resources to secure and monitor systems over the past year . Four in 10 say they currently don ’ t have the skills to monitor security threats in the cloud , 31 % don ’ t have the right skills needed to run a modern security operations centre and 28 % believe the don ’ t have the right skills to secure a remote environment .
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