FS Industry’s Wake-Up Call: Ensuring Resilience and Business Continuity in the Current Landscape

The financial services (FS) sector has been rocked by a recent cyber event that exploited vulnerabilities in a key network, resulting in significant financial losses for several firms. This wake-up call highlights the urgent need for robust cybersecurity measures and proactive risk management strategies to ensure business continuity and resilience.

Automation: The Key to Supercharging Cybersecurity

In today’s fast-paced digital landscape, automation is crucial for effective vulnerability management and proactive incident response. FS institutions must leverage innovative technologies like AI, blockchain, and cloud-based solutions to stay ahead of evolving threats. By automating tedious compliance tasks, firms can free up resources to focus on high-priority security initiatives.

Benefits of Automation

• Automates tedious compliance tasks
• Free up resources for high-priority security initiatives
• Enhances incident response capabilities

Digital Identity: The Future of Financial Services

The rise of deepfakes and biometric authentication underscores the need for FS institutions to prioritize digital identity management. By adopting broad- ranging IM tech solutions, firms can strengthen defenses against cyber threats, drive innovation, and enhance customer experiences.

Key Takeaways on Digital Identity

• Prioritize digital identity management
• Leverage innovative technologies like AI and blockchain
• Strengthen defenses against cyber threats

Top Priorities for FS Security Professionals

Top 8 Priorities

1. Develop a sophisticated framework for regulatory compliance: Adapt to evolving laws across jurisdictions.
2. Align investments with local infrastructure and cloud technologies: Meet data sovereignty requirements.
3. Establish rigorous vetting and monitoring processes: For supply chain security.
4. Leverage innovative technologies like AI and blockchain: Automate tedious compliance tasks.
5. Implement automation for effective vulnerability management: Proactive incident response.
6. Strengthen CIAM strategies: Elevate security and customer experience.
7. Incorporate identity analytics: Advanced fraud detection and prevention.
8. Advocate for standardized authentication practices: Across the industry.

KPMG’s Cybersecurity Expertise

At KPMG, our professionals are dedicated to helping FS institutions develop advanced digital solutions, advise on the implementation and monitoring of ongoing risks, and design appropriate responses to cyber incidents. Our technology solutions include:

• 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 FS organization ensure resilience and business continuity in the current landscape, please contact us at [insert contact information]. Our professionals are ready to assess your cybersecurity program, develop custom strategies, and provide guidance on the latest digital solutions.