• Widening gap between cashless uptake and lax consumer cybersecurity habits can threaten businesses and economy with greater risk of financial fraud and economic losses
• Innovation needs to rest on a robust network architecture built on speed, intelligence and ‘zero trust,’ urges VMware as it announces its networking vision and next-generation architecture built with pervasive connectivity, intrinsic security for hyper-distributed apps and data, regardless of cloud environment
According to VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, the new VMware Banking Consumer 2020 Study reveals that more than a third (39%) of consumers in the Philippines surveyed do not take proper measures to secure their financial data, using the same passwords for some to all of the services and apps that contain their personal payment data.
As more consumers in the Philippines adopt cashless and e-payment options, poor cyber hygiene practices could put consumers, banks and financial institutions (FSIs) at great risk of financial fraud and losses. The majority (88%) of consumers surveyed store their bank account details on at least one to six applications, yet only a handful (28%) are practicing good cybersecurity practices by using different passwords for all their accounts. That said, the Philippines still emerges as the one of safest in the region, topping the regional average of 24% and coming in right behind Thailand (30%).
“Cashless and e-payment options have much growth potential in the Philippines, where much of the country remains unbanked. The recent launch of the National Retail Payment System by Bangko Sentral ng Pilipinas to standardize electronic payments with the aim of pushing cashless transactions to 20% of total transacted volume means the pace of adoption will accelerate in the coming months,” said Victor Silvino, Country Manager, VMware Philippines.
“In this new digital reality, we expect that risks of data breaches and financial fraud will be amplified. Existing architecture is insufficient to guard against this – banks and FSIs need a new network infrastructure to protect apps, data and users across multiple cloud environments.”
The study also found that consumers in the Philippines trust the level of security afforded by new payment methods more than their regional counterparts, embracing the use of connected devices, connected things, e-payment wallets and apps. Banks and FSIs thus need to do more to secure these new payment methods through innovation and deploying robust infrastructure. In contrast, consumers in Singapore and Malaysia place lesser trust in these new methods of payment and are more comfortable with the traditional transaction methods such as cash and ATMs.
Filipino consumers also indicated high levels of satisfaction with their banks, rating all of these attributes higher than the regional average:
• Speed in answering queries or solving issues;
• Availability of customer service channels;
• Ease at processes and logins to make transfers, get info or register for service;
• Transparency in policies and understandable terms and conditions;
• Data privacy and ethical use of data.
VMware Powers Digital Transformation with Virtual Cloud Networking: Advances Networking and Security for All Workloads on Any Cloud
To help banks and FSIs strike a balance between innovation and scalability, VMware announced new advancements to help customers implement a more secure, end-to-end software-based network architecture, a Virtual Cloud Network, that enables pervasive connectivity and intrinsic security for hyper-distributed apps and data, regardless of cloud environment. Banks and FSIs that put agility, innovation and security at the core of their business stand to benefit from a Virtual Cloud Network by unlocking value from current networking technologies, significantly reducing network complexity, and redefining network security.
Advancing Networking and Security for All Workloads on Any Cloud: VMware NSX-T Data Center 2.3 extends advanced multi-cloud networking and security capabilities. This pervasive connectivity, independent of the underlying cloud, empowers customers that operate across multiple public clouds to take advantage of local availability zones and the unique services of different cloud providers.
Simplifying NSX Deployment, Management, and Use: VMware NSX-T Data Center 2.3 simplifies installation, configuration, and management with new deployment workflows and search functionality for objects and events. This enables administrators to express policies in a declarative fashion which are applied to data center and multi-cloud infrastructure.
Security Planning and Self-Driving Operations for a Virtual Cloud Network: This helps customers build and run an optimized, highly-available, and more secure infrastructure for virtual cloud networking. Customers can accelerate micro-segmentation planning and deployment, plan application migration, gain operational views to manage, scale, and enforce compliance for VMware NSX data center deployments. This solution is available as both on-premises software and as a SaaS offering with full feature and scale parity across both.
“Banks and FSIs face increased scrutiny over how personal data is handled, and an unyielding demand for fast response to consumers. Finding the right balance between staying attuned to consumers’ needs in compliance and security, while future-proofing their digital foundation with innovation, can be tricky but critical, especially when we are turning to technologies of the future. A Virtual Cloud Network architecture that harnesses the power of networking technologies empowers banks and FSIs to respond faster to new opportunities and threats, create new business models, and deliver services to all applications and data, wherever they are located,” Deshmukh explained.
“VMware is committed to helping our customers and partners embrace digital transformation in this time of disruptive change. As the region embarks on its journey to becoming smart cities and nations with next-generation technologies, establishing a highly secured infrastructure will be mission-critical for verticals such as banks and FSIs,” added Deshmukh. “We continue to help businesses master multi-cloud, and bridge the divide between IT operations and developers.”