Financial Crime World

Companies Struggle to Keep Pace with Rapidly Evolving Cybersecurity Threats

As companies continue to invest in new technologies, they are neglecting to prioritize cybersecurity, leaving them vulnerable to significant risks.

Compliance Drives Cybersecurity Maturity

The recent survey found that increased compliance with regulations is a key driver of cybersecurity maturity for financial-services organizations. However, rather than viewing compliance as an aspirational goal, companies should treat it as the minimum baseline of expectations.

Underspending on Cybersecurity

  • 70% of respondents acknowledged underspending on cybersecurity
  • No organization reported overspending on cybersecurity
  • This lack of investment is a concern, especially as companies continue to invest in new technologies that pose significant risks to their environments

Talent Shortages Worsen the Problem

  • 65% of respondents expressed concerns about attracting and retaining the right talent
  • Financial- services companies may need to explore alternative solutions, such as technology augmentation, to close capability gaps

A Call to Action: Future-Proof Your Environment

As the technology landscape continues to evolve rapidly, financial-services organizations must take action to future-proof their environments. This includes:

  • Prioritizing cybersecurity
  • Investing in emerging technologies
  • Developing the right metrics and reporting mechanisms to manage cyber risks

Key Takeaways

  • Companies should treat compliance as a minimum baseline of expectations rather than an aspirational goal.
  • Underspending on cybersecurity is a significant concern, especially as companies invest in new technologies that pose risks to their environments.
  • Talent shortages are exacerbating the problem, and alternative solutions may be needed to close capability gaps.
  • Financial- services organizations must take action now to future-proof their environments and protect themselves against growing cyber threats.

Questions for Companies

  1. Do you have the right technology priorities, and are they aligned with your security capabilities?
  2. Do you have the right metrics and reporting mechanisms in place to manage cyber risks?
  3. Are you investing in the right things, taking into account security capabilities and emerging-technology perspectives?
  4. Have you considered alternative solutions, such as technology augmentation, to close capability gaps?