Companies Prioritizing Cybersecurity Amidst Rapid Technological Adoption
In today’s fast-paced technological landscape, financial institutions are recognizing the importance of robust cybersecurity capabilities to safeguard their environments. A recent survey highlights the struggles many companies face in keeping up with the pace of adoption, emphasizing the need for strengthened cybersecurity measures.
Compliance Drives Cybersecurity Maturity
The survey revealed that increased compliance with regulations and defense against outside threats are the primary factors driving financial institutions to mature their cybersecurity capabilities.
- 70% of respondents cited increased compliance as a key driver
- 60% pointed to the need for improved defense against external threats
Companies Recognize Underspending in Cybersecurity
The survey also showed that many companies acknowledge underspending in cybersecurity, with a significant shift in recognition compared to previous surveys.
- 70% of respondents believe they should increase their spending on cybersecurity by more than 20%
- In previous surveys, only 58% of respondents recognized underspending
Talent Shortages Hamper Cybersecurity Efforts
Despite the growing recognition of the need for robust cybersecurity capabilities, many companies struggle to attract and retain the right talent.
- 65% of respondents reported concerns about gaining and retaining appropriately skilled cybersecurity talent
- This highlights the importance of leveraging technology to augment talent and close capability gaps
Call to Action: Future-Proof the Environment
As financial institutions continue to invest in emerging technologies, it is crucial that they future-proof their environments by strengthening their cybersecurity capabilities now. To achieve this, companies should ask themselves four key questions:
- Do we have the right technology priorities and are they aligned with our security capabilities?
- Do we have the right metrics and reporting for managing cyber risks?
- Are we investing in the right things?
- Do we have the right talent to address our capability gaps?
By addressing these disconnects and prioritizing cybersecurity, financial institutions can protect themselves against the growing level of risk associated with emerging technologies.