Financial Crime World

Cybersecurity in the Financial-Services Industry: Key Findings from a Recent Survey

The financial-services industry is under increasing pressure to bolster its cybersecurity capabilities as it adopts emerging technologies like cloud computing and applied AI. A recent survey sheds light on key takeaways that can inform strategies for improving cybersecurity maturity, addressing talent shortages, and future-proofing environments.

Maturity of Cybersecurity Capabilities

  • Seventy percent of companies believe increased compliance with regulations has helped mature their cybersecurity capabilities.
  • This suggests a positive correlation between regulatory requirements and cybersecurity improvement efforts.

The Role of Compliance in Cybersecurity

Compliance with regulations can drive cybersecurity maturity by:

  • Encouraging organizations to invest in robust security controls
  • Fostering a culture of security awareness among employees
  • Providing a framework for incident response and risk management

Underspending in Cybersecurity

  • Seventy percent of respondents believe they are underspending on cybersecurity, compared to 58% in prior surveys.
  • This indicates a growing recognition of the need for increased investment in cybersecurity.

The Consequences of Underinvestment

Underinvesting in cybersecurity can lead to:

  • Increased risk of data breaches and cyber attacks
  • Compliance issues and regulatory penalties
  • Damage to reputation and loss of customer trust

Investment in Emerging Technologies

  • Companies expect increased funding for special initiatives addressing growing cyber risks associated with emerging technologies like cloud and applied AI.
  • This highlights the need for organizations to prioritize cybersecurity as they adopt new technologies.

Prioritizing Cybersecurity in Emerging Tech

To mitigate risks, organizations should:

  • Conduct thorough risk assessments before adopting new technologies
  • Implement robust security controls and incident response plans
  • Invest in cybersecurity training and awareness programs

Talent Attraction and Retention

  • Financial-services companies face challenges finding and retaining appropriately skilled cybersecurity talent.
  • Over 65% of respondents note concerns about gaining and retaining talent.

Addressing Talent Shortages

To attract and retain top cybersecurity talent, organizations should:

  • Offer competitive salaries and benefits
  • Provide opportunities for career growth and development
  • Foster a culture of innovation and collaboration

Future-Proofing the Environment

The technology landscape will evolve rapidly over the next three to five years, accompanied by mounting risks. Companies should lay the foundation for action by asking themselves four key questions:

  1. Do we have the right technology priorities?
  2. Do we have the right metrics and reporting?
  3. Are we investing in the right things?
  4. Are our cybersecurity capabilities aligned with emerging technologies?

By addressing these questions, organizations can future-proof their environments and stay ahead of growing cyber risks.