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Navigating the Complex Business Landscape: A Guide to Ensuring Resilience and Business Continuity for Financial Services Firms

In today’s fast-paced digital landscape, financial services (FS) firms face numerous challenges that threaten their very existence. From evolving regulatory demands to sophisticated cyber threats, it is more crucial than ever to prioritize resilience and business continuity.

The Wake-Up Call: A Recent Cyber Event

In a recent high-profile cyber event, attackers exploited vulnerabilities in a key financial network, resulting in significant financial losses. The breach had far-reaching consequences, jeopardizing the privacy and security of clients, as well as exposing the affected organizations to legal and regulatory consequences.

Top Priorities for FS Security Professionals

Developing a Sophisticated Framework for Regulatory Compliance

Adapt to constantly evolving laws across jurisdictions by investing in innovative technologies like AI and blockchain.

Aligning Investments with Local Infrastructure and Cloud Technologies

Meet data sovereignty requirements by leveraging cloud technologies that ensure regulatory compliance.

Establishing Rigorous Vetting and Monitoring Processes for Supply Chain Security

Implement robust supply chain security measures to prevent cyber attacks.

Leveraging Innovative Technologies for Automation

Use AI, blockchain, and automation to streamline compliance tasks and enhance cybersecurity capabilities.

Implementing Automation for Effective Vulnerability Management and Proactive Incident Response

Automate vulnerability management and incident response processes to stay ahead of threats.

Strengthening CIAM Strategies to Elevate Security and Customer Experience

Develop advanced customer identity and access management strategies that balance security with customer experience.

Incorporating Identity Analytics for Advanced Fraud Detection and Prevention

Leverage identity analytics to detect and prevent sophisticated fraud schemes.

Advocating for Standardized Authentication Practices Across the Industry

Drive industry-wide adoption of standardized authentication practices to enhance cybersecurity.

Expert Insights: How KPMG Professionals Can Assist

KPMG professionals offer a range of services to help FS firms develop advanced digital solutions, assess their cybersecurity programs, and design custom strategies that align with business priorities. Our experts can:

Conduct cyber cloud assessments to identify vulnerabilities and provide recommendations for improvement
Implement privacy automation solutions to streamline compliance processes
Optimize third-party security to ensure supply chain resilience
Provide AI-powered security solutions to detect and respond to threats
Offer managed detection and response services to ensure rapid incident response

Conclusion

In today’s complex business landscape, financial services firms must prioritize resilience and business continuity. By developing a comprehensive cybersecurity strategy that addresses the top priorities for FS security professionals, organizations can reduce the risk of cyber attacks, enhance customer experience, and maintain regulatory compliance.

Get in Touch

For more information on how KPMG can assist your organization with cybersecurity strategy development, please contact us at [insert contact information].

Cybersecurity Risk Management: A Guide for Financial Services Firms
Building Resilience in the Face of Cyber Threats: Expert Insights from KPMG
Cybersecurity Strategy Development: A Customized Approach for Financial Services Organizations