Due to the increasing advancement and adoption of disruptive technologies as well as the rise of big data, the way of things in the finance industry has been changing rapidly. Over 90% of the world’s data was created in the last 3 years and even though the large amount of data created was able to provide new opportunities for everyone, they also created many problems such as scams, frauds and breach of data security. In 2017, more than US$600 billion was lost due to online frauds and scams and the number of cyberattacks increased by 600%. The estimated potential loss from these sums up to US$6 trillion annually in 2021.
We are creating more data than what humans can comprehend, resulting in an increasingly less trustful, insecure and noisier world. This can affect the financial Institutions negatively in 2 aspects: “failure to protect” and ”failure to utilize” and in turn, bring about a loss in businesses, loss in productivity and loss in value. Hence, the question is, are the financial institutions well-equipped to face the surge in big data and leverage on it?
