What security challenges do Vietnamese banks face?

Experts say that balancing security and user experience is becoming the biggest challenge for banks.

Experts share at a seminar on cyber security in the banking industry. Photo: Phuong Le .

The Smart Banking 2025 conference held on September 25 in Hanoi focused on discussing cybersecurity challenges in the context of digital transformation. The event was organized by the Vietnam Banking Association in collaboration with IEC Group, attracting the participation of many leading experts.

Deputy Governor of the State Bank Pham Tien Dung emphasized the importance of protecting customers in the digital environment. He said that banks must provide truly good, smart, easy-to-use applications, while protecting customers quickly. The Deputy Governor also affirmed that customers are the center of all activities, from training to operation, everything must be done smoothly.

According to the latest statistics, 98% of bank customers have switched to digital transactions. The proportion of adults with bank accounts is nearly 88%, creating a solid foundation for inclusive financial development. The interbank payment system processes over 30 million transactions per day with a total value of about VND 900,000 billion .

Chairman of the Vietnam Banking Association Nguyen Quoc Hung said that Vietnam has witnessed the explosion of the digital financial services ecosystem. Mr. Hung affirmed that non-cash payments are developing strongly, digital banking has become the main transaction channel. He also mentioned the application of AI and machine learning being promoted in credit appraisal, risk management and fraud prevention.

However, this rapid development poses many challenges for cybersecurity. In the panel discussion "Cybersecurity governance in today's risk environment", expert Vu Ngoc Son, Head of Research Department of the National Cyber ​​Security Association, moderated the in-depth discussion with the participation of experts from banks, technology enterprises and international organizations.

Mr. Tran Quoc Long, Head of Technical Department of Vietsunshine, warned about the risks from encrypted traffic and internal traffic.

Meanwhile, Mr. Nguyen Duc Thang, Director of Consulting Department Asia - Pacific of Group-IB, analyzed the emerging fraud trend. He said that cybercriminals are changing their tactics to exploit new digital platforms. The challenge of balancing security and user experience becomes especially important in the context of the recently issued Law on Personal Data Protection of Vietnam.

From the perspective of a device provider, Mr. Dinh Trong Du from Samsung Vina mentioned the convergence trend between mobile devices and traditional computers. Mr. Du emphasized that when businesses apply mobile devices comprehensively, the challenge of data security and device management becomes an urgent task.

Source: https://znews.vn/ngan-hang-viet-doi-mat-nhung-thach-thuc-bao-mat-gi-post1588376.html