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Reinventing the Wheel: The Future of Financial Services Cybersecurity

In an era where digital transformation is the norm, financial services (FS) organizations must adapt to the rapidly evolving cybersecurity landscape. Two key considerations can help FS institutions stay ahead of the curve: supercharging security with automation and making identity individual not institutional.

Supercharge Security with Automation

The increasing shift to cloud-based systems and remote work has created a perfect storm for cyber threats. With limited resources and data overload, FS organizations are struggling to manage, detect, and respond to threats. Automation is the solution. By leveraging machine-learned vulnerability management, automated asset discovery, and incident response, FS institutions can:

Improve security posture
Reduce risk
Enhance efficiency

Make Identity Individual Not Institutional

The recent cyber event that exploited vulnerabilities in a key financial network highlights the need for robust cybersecurity measures. To stay ahead of threats, FS organizations must adopt advanced identity management strategies, including biometric authentication, single sign-on, and multi-factor authentication. By improving security and experience, FS institutions can:

Enhance customer trust
Reduce fraud
Increase loyalty

Top Priorities for FS Security Professionals

Develop a sophisticated framework for regulatory compliance.
Align investments with local infrastructure and cloud technologies.
Establish rigorous vetting and monitoring processes for supply chain security.
Leverage innovative technologies like AI and blockchain to automate tedious compliance tasks.
Implement automation for effective vulnerability management and proactive incident response.
Strengthen CIAM strategies to elevate security and customer experience.
Incorporate identity analytics for advanced fraud detection and prevention.

How KPMG Can Help

KPMG professionals are dedicated to helping FS organizations develop advanced digital solutions, assess cybersecurity programs, and ensure they align with business priorities. Our team of experts offers a broad array of technology solutions, including:

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

Insight

In this rapidly evolving landscape, strategic pragmatism is key. By reinventing the wheel and adopting innovative cybersecurity strategies, FS organizations can stay ahead of threats and drive innovation. Join us for a webcast replay to learn more about the future of financial services cybersecurity.

Author

Charles A. Jacco, Principal, Cyber Security, KPMG US

For more insights on the future of financial services cybersecurity, visit our website or contact us today.