Financial Crime World

Companies Face Growing Cyber Risks as They Rapidly Adopt New Technologies

As financial services organizations continue to invest heavily in emerging technologies such as cloud and artificial intelligence (AI), they are facing growing disconnects between their cybersecurity capabilities and the rapidly evolving technology landscape. According to a recent survey, 70% of companies believe they are underspending on cybersecurity and should increase spending by more than 20% to build the necessary capabilities.

Companies Recognize Critical Underinvestment in Cybersecurity

The survey revealed a stark reality: despite the growing threat landscape, many companies are still not investing adequately in cybersecurity. In fact, 70% of respondents believe they should increase spending on cybersecurity, while only 13% of their overall IT budget is currently devoted to this critical area.

Cybersecurity Talent Gap a Major Concern

As financial services organizations invest in emerging technologies, they are also facing a significant shortage of skilled cybersecurity talent. According to the survey, 65% of companies are concerned about gaining and retaining appropriately skilled cybersecurity talent.

Call to Action: Future-Proof Your Environment

The rapid evolution of technology in the financial services industry is creating mounting risks for organizations that fail to future-proof their environments. Experts warn that it’s not enough to simply react to emerging threats - companies must proactively invest in cybersecurity capabilities and talent to stay ahead of the curve.

Key Questions to Ask Yourself

To avoid falling short, financial institutions are advised to ask themselves four key questions:

  • Do we have the right technology priorities aligned with our security capabilities?
  • Do we have the right metrics and reporting for managing cyber risks?
  • Are we investing in the right things to address emerging threats?
  • Do we have the right talent to address capability gaps?

By taking a proactive approach to cybersecurity, financial services organizations can mitigate growing risks and protect their environments against evolving threats.