Financial Institutions Prioritize Cybersecurity Maturity Amid Growing Threats
As financial institutions continue to invest in emerging technologies, a recent survey has revealed that increased compliance with regulations and defense against outside threats are driving the maturity of their cybersecurity capabilities.
Key Factors Driving Cybersecurity Maturity
According to the survey, 70% of companies cited increased compliance with regulations as a key factor in their cybersecurity maturity, while 65% reported concerns about gaining and retaining appropriately skilled cybersecurity talent. The findings suggest that financial institutions are recognizing the importance of investing in cybersecurity to protect against growing threats and ensure regulatory compliance.
Underspending on Cybersecurity
The survey also highlighted a significant gap between the current level of investment in cybersecurity and the amount needed to effectively mitigate risks. 70% of respondents acknowledged underspending on cybersecurity, with none reporting overspending. This is a marked shift from previous surveys, indicating a growing recognition of the need for increased investment.
Future-Proofing the Environment
As financial institutions continue to adopt emerging technologies, they must prioritize future-proofing their environments to stay ahead of evolving threats and regulations. The survey emphasized the importance of considering short- and long-term implications of these technologies on cybersecurity and investing in initiatives to address growing cyber risk.
Talent Acquisition and Retention
The survey also highlighted the challenges faced by financial institutions in attracting and retaining skilled cybersecurity talent, with 65% reporting concerns about gaining and retaining appropriately skilled professionals. Companies are advised to consider alternative solutions, such as technology augmentation, to fill these gaps.
Recommendations for Financial Institutions
To future-proof their environments, financial institutions should:
- Align Technology Priorities with Security Capabilities: Ensure that technology investments align with security capabilities to effectively mitigate risks.
- Develop Transparent, Value-Based Metrics for Managing Cyber Risks: Establish clear and measurable metrics to manage cyber risks and demonstrate value to stakeholders.
- Invest in the Right Technologies and Initiatives to Address Growing Cyber Risk: Prioritize investment in technologies and initiatives that address growing cyber risk and ensure regulatory compliance.
- Consider Alternative Solutions, such as Talent Augmentation: Consider alternative solutions, such as technology augmentation, to fill cybersecurity gaps and attract skilled professionals.
Conclusion
The survey’s findings emphasize the need for financial institutions to prioritize cybersecurity maturity, invest in emerging technologies, and develop strategies to attract and retain skilled cybersecurity talent. By doing so, they can stay ahead of evolving threats and regulations, ensuring the protection of their environments and customers.