Will cybersecurity blunders hurt chances of digibank hopefuls?

Singapore

THE data privacy lapses at Razer and Grab that recently came to light raise questions about how ready digital bank hopefuls are in tackling banking's stringent security demands.

With consumers' most sensitive data at stake, banks are governed by security regulations far stricter and more specific than what other companies are used to. Digital bank hopefuls failing to understand and adjust to these new standards could put a dent in their own ambitions, observers said.