This article was originally published by Global Risk Regulator on September 2, 2020.
Technology has fundamentally changed how we live our lives and do business: the way we work, shop, socialise, spend, and save have all been transformed. This increased digitalisation of our world has introduced new risks.
For example, customers are vulnerable to sophisticated online fraud, businesses are facing down cyberattacks, and criminal money-laundering has become fiendishly complex.
In the financial services sector, further adaption of the regulatory approach is required to address these risks and encompass the vast range of new products and services being introduced, many of which come from companies which are not traditional banks. A greater level of protection will safeguard the stability of the whole system.
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