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Navigating the Complex Business Landscape: Ensuring Resilience and Continuity
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In today’s rapidly evolving business environment, multinational companies often lead the way in adopting emerging trends, while smaller firms may struggle to keep pace. However, through partnerships and shared knowledge, smaller businesses can enhance their security posture and respond to global regulatory demands without having to reinvent the wheel.
Supercharging Cybersecurity: Automation and Innovation
The financial services sector is no stranger to cyber threats, as a recent high-profile breach demonstrates. To stay ahead of the curve, it’s crucial for organizations to prioritize cybersecurity and implement innovative solutions. Automation can play a key role in effective vulnerability management and proactive incident response, while AI-powered fraud detection and prevention can elevate security and customer experience.
Benefits of Automation
- Effective vulnerability management
- Proactive incident response
- Improved security and customer experience through AI-powered fraud detection and prevention
Deepfakes and the Rise of Identity Management
The ease with which bad actors can alter content poses a significant threat to businesses worldwide. To combat this, organizations must maintain robust computing power, forensic algorithms, audit processes, and talent. Improving security and experience through biometric authentication, single sign-on, and multi-factor authentication can also enhance customer loyalty.
Key Takeaways
- Maintain robust computing power
- Implement forensic algorithms and audit processes
- Enhance security and experience through biometric authentication, single sign-on, and multi-factor authentication
Real-World Cybersecurity in Financial Services
A recent cyber event highlighted the need for robust cybersecurity measures and proactive risk management strategies. Organizations affected by the breach were forced to allocate significant resources to investigating the extent of the breaches, identifying compromised data, and assessing potential operational impact. This episode serves as a wake-up call for the entire financial services industry.
Key Lessons
- Robust cybersecurity measures are crucial
- Proactive risk management is essential
- Continuous monitoring and improvement are necessary
Top Priorities for FS Security Professionals
1. Developing a sophisticated framework for regulatory compliance
2. Aligning investments with local infrastructure and cloud technologies
3. Establishing rigorous vetting and monitoring processes for supply chain security
4. Leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks
5. Implementing automation for effective vulnerability management and proactive incident response
6. Strengthening CIAM strategies to elevate security and customer experience
7. Incorporating identity analytics for advanced fraud detection and prevention
8. Advocating for standardized authentication practices across the industry
How KPMG Can Help
At KPMG, our professionals are adept at applying leading thinking to financial services firms’ most pressing cybersecurity needs. We can assist organizations in developing advanced digital solutions, advising on the implementation and monitoring of ongoing risks, and designing appropriate responses to cyber incidents.
Our Services
- Cyber cloud assessments
- Privacy automation
- Third-party security optimization
- AI security
- Managed detection and response
Get in Touch
To learn more about how KPMG can help your financial services organization navigate the complex business landscape and ensure resilience and continuity, please contact us today.
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