Financial Institutions Must Step Up Cybersecurity Efforts to Meet Rising Regulatory Demands and Emerging Threats

A recent survey of financial institutions has revealed that compliance with regulations and defense against outside threats are the key drivers behind the maturation of cybersecurity capabilities. The findings suggest that companies must prioritize cybersecurity spending, talent acquisition, and emerging technologies to stay ahead of growing cyber risks.

Key Drivers Behind Cybersecurity Maturity

Compliance with Regulations: 70% of respondents reported that increased compliance with regulations is a major factor in their organization’s maturity.
Gaining and Retaining Skilled Cybersecurity Talent: 65% noted concerns about gaining and retaining appropriately skilled cybersecurity talent.
Emerging Technologies: Over 40% of financial institutions have launched special initiatives to address security control gaps related to emerging technologies.

Underinvestment in Cybersecurity Capabilities

Only 13% of the overall IT budget was allocated to cybersecurity on average, indicating a significant underinvestment in capabilities.
Financial institutions must prioritize cybersecurity spending to stay ahead of growing cyber threats and ensure the protection of their environments.

The Need for Special Initiatives and Controls

Emerging technologies pose significant security risks, and companies must prioritize special initiatives and controls to secure their environments.
Companies should consider using technology to augment talent acquisition and development, rather than relying solely on human resources.

Prioritizing Cybersecurity Spending, Talent Acquisition, and Emerging Technologies

Future-Proofing the Environment: Financial institutions must lay the foundation for action by asking themselves key questions about their pursuit of emerging technologies.
Prioritizing Cybersecurity: Companies must be proactive in addressing cybersecurity risks, rather than reactive.

Conclusion

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Key Takeaways

Compliance with regulations is a major driver behind the maturation of cybersecurity capabilities
Financial institutions are underinvesting in cybersecurity, with only 13% of the overall IT budget allocated to this area on average
Emerging technologies pose significant security risks and companies must prioritize special initiatives and controls to secure their environments
Companies should consider using technology to augment talent acquisition and development
Financial institutions must future-proof their environment by prioritizing cybersecurity spending, talent acquisition, and emerging technologies