Cybersecurity in Finance Industry in Ireland: A New Era Requires a Multi-Pronged Approach
As hybrid workforces and virtual engagement become the norm, the need for robust cybersecurity measures has never been more pressing. Over the past year, cyber incidents have skyrocketed, making it clear that short-term fixes are no longer sufficient. Instead, financial services organisations in Ireland must adopt a continuous cycle of employee awareness training, compliance tracking, and aggressively monitoring access controls to stay ahead of evolving threats.
The Biggest Challenge Facing Irish Financial Services Organisations
According to Deloitte Touche Tohmatsu Limited’s 2021 Future of Cyber survey, managing data and perimeter protection is the biggest challenge facing Irish financial services organisations. This requires a fundamental shift in approach, with IT departments no longer able to operate in silos. Instead, they must work towards maturing their infrastructures to support virtualised workforces and revamp legacy cybersecurity infrastructure.
Key Conclusions About Cybersecurity Risk
The report highlights four key conclusions about the state of cybersecurity risk in Ireland’s financial services sector:
- Legacy Systems Retirement: Organisations are slated for retirement as they look to scale up cyber defence capabilities through cloud-based solutions.
- Extended Ecosystems Require Stronger Detection and Control Mechanisms: Zero trust policies emerging as a leading practice.
- Human Vulnerability Remains the Top Cyber Threat: Budgets for annual cybersecurity spend growing consistently over the past three years, with organisations investing in employee education initiatives and risk quantification techniques to provide a measurable return on investment.
- Elevated Risks Require New Responses: Financial services leaders must adopt a multi-pronged approach to cybersecurity, including embracing the cloud, securing the extended enterprise, focussing on a trusted customer experience, building resilient operations, and remediating control gaps.
The Time for Testing is Over
As the COVID-19 pandemic pushed workforces to go fully remote and customers demanded virtual engagement, Irish financial services organisations must find ways to digitalise their operational, distribution, and customer engagement processes while rapidly adapting cybersecurity capabilities. The time for testing is over – it’s time to determine which changes to incorporate for the long term and resolve remaining challenges.
Conclusion
In conclusion, the need for robust cybersecurity measures has never been more pressing in Ireland’s financial services sector. To stay ahead of evolving threats, organisations must adopt a continuous cycle of employee awareness training, compliance tracking, and aggressively monitoring access controls. With legacy systems slated for retirement, extended ecosystems requiring stronger detection and control mechanisms, human vulnerability remaining a top cyber threat, and elevated risks compelling new responses, the time for testing is over – it’s time to determine which changes to incorporate for the long term and resolve remaining challenges.