Hello, can anyone please provide feedback on the following formal report introduction. My research question is: How can financial institutions ensure a secure digital transition through advanced encryption, multi-factor authentication, and cybersecurity training amid evolving threats and regulations?

In an era where 80% of Canadians have begun shifting towards online based banking (Canadian bankers association, 2022), financial institutions are at the forefront of digital transformations. Digital transformations can provide a plethora of benefits towards users such as: increased convenience, financial control, and an ability to personalize interfaces. However, the process also presents several cybersecurity concerns that could jeopardize the integrity of important financial information. As a result, the question of how banks can secure the digital transformation process arises. This research paper answers that question by delving into how multi-factor authentication, advanced encryption and employee cybersecurity training can be utilized to counter the evolving cybersecurity threats faced by banks when transforming into a digital service.

The aim of this report is to provide insights and recommendations on how multi-factor authentication, advanced encryption, and employee cybersecurity training can be used to ensure a safe digital transition for financial institutions. The first section will cover the emerging threats faced by digital banks, the second section will cover multi-factor authentication and its contributions towards cybersecurity, the third section will cover advanced encryption, and the final section will cover cybersecurity training and recommendations on how it should be approached.