Financial Crime World

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Financial Services Sector Confronts Complex Cybersecurity Challenges

In an era of rapid digital transformation, the financial services (FS) sector is grappling with a plethora of cybersecurity complexities. As firms navigate the ever-evolving landscape of global regulatory demands, they must also contend with the challenges posed by automation, identity management, and vulnerability management.

Automation: The Key to Streamlining Security

The increasing shift to cloud-based systems and remote work has resulted in a massive surge in data volume, posing significant challenges for FS cybersecurity leaders. Automation is emerging as a vital tool in detecting threat after threat and identifying what to prioritize. By leveraging machine learning (ML) and artificial intelligence (AI), firms can automate traditional Level 1 analyst triage, reduce false positives, and escalate important matters more quickly.

Identity Management: The Future of Cybersecurity

The blurring of lines between business-to-consumer (B2C) and business-to-business (B2B) security has underscored the importance of a holistic identity management approach. FS organizations must adopt advanced identity governance and administration (IGA) solutions to provide a secure, compliant, and user-friendly access management experience.

Vulnerability Management: A Top Priority

The recent cyber event that exploited vulnerabilities in a key financial network serves as a stark reminder of the importance of robust cybersecurity measures. Firms must prioritize vulnerability management, leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks and stay ahead of evolving threats.

Real-World Impact

The consequences of a data breach can be severe, resulting in significant financial losses, damage to reputation, and legal and regulatory repercussions. The FS sector is under pressure to accelerate the adoption and preparedness level of advanced cybersecurity measures to prevent such breaches from occurring in the first place.

Top Priorities for FS Security Professionals

  • Developing and implementing a sophisticated framework for regulatory compliance
  • Aligning investments with local infrastructure and cloud technologies that meet data sovereignty requirements
  • Establishing rigorous vetting and monitoring processes for supply chain security
  • Leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks
  • Implementing automation for effective vulnerability management and proactive incident response
  • Strengthening CIAM strategies to elevate security and customer experience
  • Incorporating identity analytics for advanced fraud detection and prevention

KPMG’s Expertise

At KPMG, our professionals are dedicated to helping financial services organizations develop advanced digital solutions, advise on the implementation and monitoring of ongoing risks, and design appropriate responses to cyber incidents. With a deep understanding of the FS sector’s most pressing cybersecurity needs, we offer custom strategies that are fit for purpose. Our expertise includes:

  • Cyber cloud assessments
  • Privacy automation
  • Third-party security optimization
  • AI security
  • Managed detection and response
  • And more

Get in Touch

To learn more about how KPMG can help your organization navigate the complex landscape of financial services cybersecurity, please contact us today.