Did you know that cybercrime is expected to cause over $10 trillion in damages by 2025? With the rise of digital technologies, businesses face an increased risk of cyber threats, including data breaches, malware attacks, and phishing scams. To mitigate these risks, businesses need to invest in cybersecurity insurance. Cybersecurity insurance is a type of insurance policy that provides financial protection to businesses in the event of a cyber incident. In this blog post, GCT Solution will discuss the types of cybersecurity insurance, the benefits of investing in it, as well as the challenges associated with it.
Digital Banking Ecosystem – Why It Is The Future?
Sooner or later, brick-and-mortar institutions will soon be replaced by the new digital banking system. According to a report by Bankrate, in 2022 alone, over 2/3 of the US population (65.3 %) adopted digital banking services. With the advent of the internet, mobile phones, and other technological advancements, banks have embraced the digital age and are moving towards a digital banking ecosystem. The digital banking ecosystem refers to a set of interconnected platforms, tools, and systems that enable customers to access banking services using digital channels. In this blog, GCT Solution will explore what the digital banking ecosystem is, an example of a digital ecosystem, why it is important for banks, and how digital ecosystems in finance are evolving.
Safeguarding Your Business: Understanding The Importance Of Cybersecurity
Cyberattacks are undoubtedly on the rise, as 15% of annual increases in costs are related to cybercrime in 2022, according to McKinsey. This leads to a high demand level for cybersecurity, especially in the IT industry, as 85% of SME businesses have a tendency to strengthen IT security spending until 2023. (McKinsey Cyber Market Map) As technology continues to advance, cyber threats are becoming more sophisticated, making cybersecurity an increasingly alarming issue, particularly for businesses. In this article, GCT Solution will explore why cybersecurity is so vital, especially for technology businesses, the different types of cybersecurity, and how companies can prevent cyber attacks.