Jeff Yastine, the editor of Banyan Hill Publishing’s Total Wealth Insider, says that there is a huge opportunity for cybersecurity investments. Especially in the financial sector, it is going to make wide-spread changes in corporate transactions. He says that banks have tightened the corporate transaction procedures considering the cyber-attacks in the recent years that were specifically targeting financial houses and corporates. Yastine says that Wells Fargo already implemented smartphone-enabled face, voice, and eyeball biometric authentication for its clients in the corporate sector through the commercial electronic office or CEO banking platform. He observed that more banks are trying to replicate what Wells Fargo is doing to protect their corporate customers.
Yastine noted that Citigroup, Barclays, and other major financial institutions have designed and rolled out similar kind of biometric solutions to avoid the threats from cybersecurity-related frauds. He points out that while more financial servicers are moving towards biometric solutions, it creates excellent investment opportunities in the sector. According to Tractica, a leading market research firm, the sector would generate a $15 billion business in the coming decade. While there was a separation for those offerings in the case of corporates and individual consumers, recent years saw a bigger integration in that aspect.
A bank executive has openly said that the industry is operating with passwords for more than 15 years, and it has reached its due date per his opinion. Jeff Yastine also expresses that biometrics also became an old security solution now, considering smartphones started using fingerprint scanner years back. Similarly, U.S. military officials use iris scanners to capture the details of the suspected Taliban terrorists in Afghanistan. Yastine continues that behavioral biometrics are getting the momentum in the recent years. It can significantly help when one of the factors of identification got compromised. It uses the rhythmic speed of using keyboards, the movement pattern of the mouse, and more as potential authentication choices.
Jeff Yastine is a stock market investor with more than two decades of experience in creating great success. He also served as a financial journalist and analyzed the financial movements of his readers. Interestingly, Yastine was the anchor of Nightly Business Report of PBS during the period 1994 to 2010, and he interviewed Warren Buffett, Sir Richard Branson, Michael Dell, and many other highly successful investors during those days. He joined Banyan Hill in the year 2015 and also contributes to Winning Investor Daily and Sovereign Investor Daily – two other publications from the investment advisory firm.