“Literally as soon as handset manufacturers sell a phone, they no longer care about that phone because they’re already moving on to the next version,” says Dmitri Alperovitch, co-founder and CTO of CrowdStrike. “They don’t want to support it, they don’t want to spend any resources on it. So once you have a vulnerability, it’s pretty much going to stay a vulnerability on that phone.” (From the ATM & Mobile Executive Summit.)
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Digitally minded consumers are forcing financial institutions to rethink the way they do business. These consumers want to bank when and how it suits them. Financial institutions must innovate quickly to keep up with consumer demands and to respond to challenges from non-traditional competitors.
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