OneSpan webinar: digitising the commercial lending process
The global COVID-19 pandemic has brought unprecedented change to individuals, businesses and economies worldwide.
As a result, many businesses and institutions have faced unparalleled financial impact that has seen governments around the world issuing economic stimulus and relief packages.
Due to the severity of the impact of coronavirus, a large number of businesses affected need these funds as quickly as possible.
This means that a smooth lending process is paramount.
Achieving that is the subject of a new webinar from digital identity and anti-fraud leader, OneSpan that will be held on 18 June at 3pm AEST.
In Digitising the Commercial Lending Process, OneSpan discusses the impact on businesses of the current crisis in more detail.
It expands on the importance of a smooth, digitally-driven lending process that enables businesses to get the funds they need to ensure survival.
OneSpan explains that, from the EU, where the European Investment Fund will guarantee loans to at least 100,000 European SMEs and small mid-cap companies, to Japan, where SMBs and large organisations are being offered various stimulus packages, global lending continues at pace.
In the 18 June webinar, which is held in association with Loan Market, expert speakers will expand on the importance of quickly digitising the commercial lending process in times of crisis.
This will ensure that customers are being helped in their moment of need through the use of electronic signature and ID document verification.
Join the webinar to find out more on:
- How e-signature can help meet the urgent need for small business loans
- How ID document verification can help prevent fraud in the digital channel
- Security and authentication tips
- Loan Market use case
The webinar will be held by OneSpan’s Global eSignature Product Manager, Michael Lakhal, and Joanne Church, Chief Operations Officer for Loan Market’s MyCRM technology.
Lakhal has more than 10 years’ experience in the digital signature market, focused on B2C for financial services. He has previously served as an e-commerce manager at French banks Cofidis and Banque Accord, and has experience of building the first mass market platform for B2C transactions and driving related product activity across the EMEA region.
Church is an expert at understanding complex problems and distilling them into understandable components so they can be solved. At Loan Market she leads the team that provides support to the users of the company’s MyCRM in Australia.
OneSpan specialises in digital identity and anti-fraud solutions that create exceptional and secure experiences.
The company’s solutions have helped prevent billions of dollars worth of fraudulent activity and cover everything from risk-based adaptive authentication to digital identity verification.
Register to OneSpan’s Digitising the Commercial Lending Process here .
Find out more about OneSpan here.
Find out more about Loan Market here.
Report: Financial institutions face cloud-based threats
Over one year into the pandemic, different financial institutions report costly consequences to falling short of protecting their data storage from cloud-based attacks and network disruptions. The report is based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe, and the Asia-Pacific region.
- Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organisations hit hardest at $4.7 million in estimated losses.
- Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
- The industry remains a popular target for cloud-based attacks: Over half of all organisations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
- Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
- Threat resolution teams are embracing network visibility for security hygiene: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.
Even before the pandemic, tech companies were increasingly seeking moves to the cloud. The COVID-19 crisis has accelerated the adoption of cloud computing by the financial sector as part of its process of digitalisation. As companies transition and move data, there can be a lack of protection due to a number of factors such as undertrained staff and insufficient firewalls.
“The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,” said Anthony James, VP of Product Marketing at Infoblox. “As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.”
“This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,” James continued.