Financial Crime World

Cybersecurity Concerns Rise in San Marino’s Financial Institutions: A Call to Action

Growing Concern over Cybersecurity in San Marino’s Financial Institutions

A recent survey conducted by Deloitte and the Financial Services Information Sharing and Analysis Center (FS-ISAC) has highlighted the growing concern over cybersecurity in San Marino’s financial institutions. The survey found that 50% of respondents have increased their cybersecurity spending, with a focus on:

  • Identity and Access Management: Ensuring secure access to systems and data
  • Cyber Monitoring and Operations: Detecting and responding to security threats in real-time
  • Endpoint and Network Security: Protecting devices and networks from unauthorized access

The Need for Cybersecurity Independence

The report warns that financial institutions may be overlooking the need for cybersecurity independence, which is essential to ensure risk management decisions are not overshadowed by IT constraints. To mitigate this risk, it is recommended that:

  • Senior cyber risk leaders engage with stakeholders across the organization, including:
    • Marketing
    • New channels or product development
    • Finance

Emerging Technologies and Priorities for IT Investment

The survey also found that emerging technologies such as:

  • Cloud
  • Data Analytics
  • Robotic Process Automation

are top priorities for IT investment, alongside:

  • Access Control
  • Protective Technology
  • Data Security

To align cybersecurity resources with these investments, financial institutions should integrate security into the development process from start to finish.

Challenges and Opportunities in a Changing Landscape

As digitization and remote work accelerate, traditional network perimeters and boundaries are becoming increasingly blurred. In response, financial institutions must develop a strategy to:

  • Support operational resilience for remote work
  • Important vendor partner relationships

Download the Full Survey Report

The full survey report is available for download, providing further insights and recommendations for San Marino’s financial institutions.

By prioritizing cybersecurity and embracing emerging technologies, financial institutions in San Marino can stay ahead of the curve and protect their customers’ sensitive information.