Financial Crime World

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Navigating the Current Business Landscape: A Guide to Ensuring Resilience and Business Continuity

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In today’s fast-paced business environment, multinational companies often lead the way in adopting emerging trends, while smaller firms may struggle to keep pace. However, through strategic partnerships, smaller businesses can benefit from shared knowledge and enhance their security posture.

The Importance of Cybersecurity in Financial Services

A recent cyber event serves as a stark reminder of the importance of robust cybersecurity measures in the financial services sector. Attackers exploited vulnerabilities in a key financial network to create fraudulent money transfer requests, resulting in significant financial losses for affected organizations.

This breach had far-reaching consequences, compromising the privacy and security of clients, exposing organizations to legal and regulatory consequences, and requiring significant resources to investigate and remediate. It emphasized the need for proactive risk management strategies, regular software updates, thorough security assessments, and comprehensive ongoing employee training.

Top Priorities for FS Security Professionals

To stay ahead of evolving threats, FS security professionals must prioritize:

  • Developing a sophisticated framework for regulatory compliance that adapts to changing laws across jurisdictions.
  • Aligning investments with local infrastructure and cloud technologies that meet data sovereignty requirements.
  • Establishing rigorous vetting and monitoring processes for supply chain security.
  • Leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks.
  • Implementing automation for effective vulnerability management and proactive incident response.
  • Strengthening CIAM strategies to elevate security and customer experience.
  • Incorporating identity analytics for advanced fraud detection and prevention.
  • Advocating for standardized authentication practices across the industry.

KPMG’s Expertise in Cybersecurity

At KPMG, our professionals are dedicated to helping financial services organizations develop advanced digital solutions, advise on the implementation and monitoring of ongoing risks, and design appropriate responses to cyber incidents. We offer a broad array of technology solutions, including:

  • Cyber cloud assessments
  • Privacy automation
  • Third-party security optimization
  • AI security
  • Managed detection and response

Get in Touch

To learn more about how KPMG can support your organization’s cybersecurity needs, please get in touch with us today.

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By prioritizing cybersecurity and adopting innovative technologies, financial services organizations can ensure business continuity, protect client data, and stay ahead of evolving threats.