Financial Crime World

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Navigating the Current Business Landscape: Ensuring Resilience and Business Continuity

As multinational companies continue to drive innovation and adoption of emerging trends, smaller firms often struggle to keep pace with the complexities of the current business landscape. However, partnerships can bridge this gap by providing access to shared knowledge and expertise, enabling businesses to stay ahead of the curve.

Cybersecurity: A Top Priority for Financial Services Firms

In the financial services sector, cybersecurity is a critical concern. A recent cyber event involving a key financial network highlights the importance of robust cybersecurity measures and proactive risk management strategies. The breach resulted in significant financial losses and exposed confidential information, emphasizing the need for regular software updates, thorough security assessments, and comprehensive ongoing employee training.

Top Priorities for FS Security Professionals

To stay ahead of the evolving cyber threats, FS security professionals must prioritize:

  • Developing and implementing a sophisticated framework for regulatory compliance that can adapt to different laws across jurisdictions.
  • 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.
  • Advocating for standardised authentication practices across the industry.

KPMG’s Expertise in Cybersecurity

At KPMG, our professionals are adept at applying leading thinking to financial services firms’ most pressing cybersecurity needs. We can help develop custom strategies that are fit for purpose, assess your cybersecurity program, and ensure it aligns with your business priorities. Our technology solutions include:

  • Cyber cloud assessments
  • Privacy automation
  • Third-party security optimisation
  • AI security
  • Managed detection and response

Get in Touch

To learn more about how KPMG can help you navigate the current business landscape and ensure resilience and business continuity, get in touch with us today.

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