Financial Crime World

Cybersecurity in Financial Services: Key Findings and Recommendations

Current State of Cybersecurity in Financial Services

The financial services industry is a prime target for cyber threats, and companies must prioritize cybersecurity to protect their operations and reputation. A recent report highlights several key findings and provides recommendations for companies to improve their cybersecurity posture.

Key Findings:

  • Increased Compliance with Regulations: Seventy percent of companies believe that increased compliance with regulations drives maturity of their cybersecurity capabilities.
  • Underspending on Cybersecurity: Seventy percent of respondents acknowledge underspending on cybersecurity and plan to increase spending by more than 20% to build necessary capabilities.
  • Growing Cyber Risk: Companies are not prepared to mitigate risks associated with emerging technologies, and many have launched special initiatives to address security control gaps related to these technologies.
  • Talent Shortage: Financial-services companies face challenges in finding and retaining appropriately skilled cybersecurity talent.

Recommendations for Improving Cybersecurity Posture

To address the growing cyber risk and talent shortage, financial services companies should consider the following recommendations:

Future-Proof the Environment

Companies should ask themselves four questions about their pursuit of emerging technologies:

  • Do we have the right technology priorities, and are they aligned with our security capabilities?
  • Do we have the right metrics and reporting to manage cyber risks?
  • Are we investing in the right things?
  • How do we ensure that emerging technologies align with our business goals and risk appetite?

Use Technology to Augment Talent

Companies should consider using technology, such as gen AI, to augment their talent and improve cybersecurity capabilities.

Develop a Comprehensive Cybersecurity Strategy

Financial services companies should develop a comprehensive cybersecurity strategy that addresses the unique risks associated with emerging technologies.

Conclusion

The report emphasizes the importance of proactive planning and investment in cybersecurity capabilities to mitigate risks associated with emerging technologies and ensure long-term success in the financial services industry.