Financial Crime World

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Navigating the Current Business Landscape: Ensuring Resilience and Business Continuity

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In today’s rapidly evolving business environment, multinational companies often lead the way in adopting emerging trends. However, smaller firms may struggle to keep pace with these complexities. Through strategic partnerships, businesses can leverage shared knowledge and enhance their security posture in response to evolving global regulatory demands without having to reinvent the wheel.

Supercharging Security with Automation

The financial services sector is a prime target for cybercriminals, as it handles sensitive customer data and has vast economic resources at its disposal. To combat this threat, financial institutions must prioritize automation in their cybersecurity strategies. By leveraging innovative technologies like artificial intelligence (AI) and machine learning, organizations can:

  • Streamline vulnerability management
  • Proactive incident response
  • Identity analytics to detect fraud and protect customers

The Rise of Deepfakes: A Growing Concern

The ease with which deepfake technology can alter content poses a significant threat to businesses worldwide. Public and private organizations must maintain robust computing power, forensic algorithms, audit processes, and talent to combat this menace. Financial institutions must also prioritize:

  • Biometric authentication
  • Single sign-on (SSO)
  • Multi-factor authentication (MFA) to enhance the customer experience while maintaining data security

Real-World Cybersecurity in the Financial Services Sector

Recent cyber events have highlighted the importance of robust cybersecurity measures and proactive risk management strategies for financial services organizations. The potential exposure of confidential financial information, service outages, and delays in critical processes can have devastating consequences for affected companies.

Top Priorities for FS Security Professionals

To stay ahead of the curve, financial services security professionals must prioritize:

  • Developing a sophisticated framework for regulatory compliance
  • Aligning investments with local infrastructure and cloud technologies
  • Establishing rigorous vetting and monitoring processes for supply chain security
  • Leveraging innovative technologies like AI and blockchain to automate compliance tasks
  • Implementing automation for effective vulnerability management and proactive incident response
  • Strengthening customer identity and access management strategies
  • Incorporating identity analytics for advanced fraud detection and prevention
  • Advocating for standardized authentication practices across the industry

KPMG’s Expertise in Financial Services Cybersecurity

At KPMG, our professionals are adept at applying leading thinking to financial services firms’ most pressing cybersecurity needs. We can assist organizations develop:

  • Advanced digital solutions
  • Implement and monitor ongoing risks
  • Design appropriate responses to cyber incidents
  • Technology solutions include:
    • Cyber cloud assessments
    • Privacy automation
    • Third-party security optimization
    • AI security
    • Managed detection and response

Get in Touch

To learn more about how KPMG’s cybersecurity services can support your financial services organization, please get in touch with us today.