YEREVAN, October 22. /ARKA/. Armenian banks face a dilemma when developing digital services: they must choose between system security and customer convenience.
“Armenian banks, for their part, are undertaking a non-public, but very labor-intensive and complex process to identify their clients using multiple parameters simultaneously. Here, they often face a dilemma: they have to choose between security and user convenience,” Komitas Stepanyan, head of the Central Bank of Armenia’s IT and Cybersecurity Directorate, said in an interview with Novosti-Armenia.
He explained that the more accessible a service is, the greater the likelihood that attackers will attempt to hack it. Conversely, multi-factor authentication creates certain inconveniences for the user, but significantly increases the level of protection.
Stepanyan noted that with the increasing level of digitalization, cybersecurity risks will also increase. The number of digital service users in Armenia is expected to increase from the current 20% to 80%. Residents of even the most remote villages should be able to access the same services as residents of Yerevan.
