Financial sector companies can expect to see a wave of new regulations and the restoration of Obama-era regs as the Biden administration takes office next week. Today’s columnist, Michael Magrath of OneSpan, pinpoints which regs security pros should focus on in the months ahead. GageSkidmore CreativeCommons (Credit: CC BY-SA 2.0)

Banks and financial services organizations have accelerated their adoption of biometrics, facial recognition and artificial intelligence (AI) to enable the use of digital identities and continue operations during the pandemic. However, these technologies are in need of strict regulations to protect users.

Biometrics can add an extra layer of security when unlocking a smartphone using a person’s face or fingerprint. But other technologies have raised privacy concerns among consumers, such as law enforcement leveraging facial recognition to identify wanted criminals via security cameras in a public space. This has led to outright bans of facial recognition technology in several cities, including Boston, San Francisco, Oakland, Portland, Oregon and Portland, Maine, to name a few. As these technologies become mainstream, we’ll need regulations to retain (or in some cases, regain) the trust of consumers and policymakers.

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