Financial Crime World

Financial Institutions Prioritize Cybersecurity as They Embrace Emerging Technologies

As financial institutions increasingly adopt emerging technologies, a recent survey has revealed that cybersecurity is becoming a top priority for these organizations. The findings of this survey highlight the growing importance of investing in cybersecurity to protect against threats and ensure compliance with regulations.

Underinvesting in Cybersecurity

The survey found that 70% of companies believe they are underspending on cybersecurity and should increase their investment to build necessary capabilities. This emphasis on cybersecurity is driven by a recognition of the need to protect environments and mitigate risks associated with emerging technologies such as artificial intelligence (AI).

Regulatory Compliance Drives Cybersecurity Maturity

The growing regulatory landscape in the financial services industry, particularly with the increasing adoption of emerging technologies, is also driving the maturation of cybersecurity capabilities. According to the survey, 70% of respondents cite compliance as a factor in their cybersecurity efforts.

Addressing Security Control Gaps

Financial institutions are recognizing the importance of investing in cybersecurity to protect their environments and mitigate risks associated with emerging technologies. More than 40% of respondents have launched special initiatives to address security control gaps related to the adoption of these technologies.

Attracting and Retaining Skilled Cybersecurity Talent

The survey also highlighted the challenges faced by financial institutions in attracting and retaining skilled cybersecurity talent, with 65% of respondents expressing concerns about gaining and retaining appropriately skilled talent.

Future-Proofing Cybersecurity Capabilities

To future-proof their environments, financial institutions should consider the following questions:

  • Do we have the right technology priorities aligned with our security capabilities?
  • Do we have the right metrics and reporting to manage cyber risks?
  • Are we investing in the right things to ensure our cybersecurity capabilities keep pace with emerging technologies?

By asking these questions and taking proactive steps to address their cybersecurity needs, financial institutions can ensure they are well-equipped to navigate the rapidly evolving technology landscape and protect their customers’ data.