Financial Crime World

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Smaller Firms Must Partner to Stay Ahead of Evolving Cybersecurity Demands

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As the financial services (FS) industry continues to digitize at a rapid pace, smaller firms are facing significant challenges in keeping up with the complexities of cybersecurity. With limited resources and expertise, they are often ill-equipped to tackle the evolving global regulatory demands on their own.

Supercharge Security with Automation

To stay ahead of the curve, FS institutions must adopt automation as a key strategy for enhancing their security posture. This includes:

  • Machine-learning-enabled vulnerability management
  • Automated asset management workflows
  • Proactive incident response controls

By automating these processes, smaller firms can secure their third-party ecosystem, assess vulnerabilities, and expose weak links within vendor and supplier ecosystems.

Make Identity Individual, Not Institutional

In today’s interconnected world, the line between business-to-consumer (B2C) and business-to-business (B2B) security has blurred. FS organizations must now view identity not in isolation but from a holistic perspective. This includes implementing effective identity governance and administration (IGA) tech solutions to provide a secure, compliant, and user-friendly access management experience.

Real-World Cybersecurity Concerns

Recent cyber events have highlighted the need for robust cybersecurity measures and proactive risk management strategies in the FS sector. These breaches not only jeopardized the privacy and security of clients but also exposed organizations to legal and regulatory consequences. The importance of regular software updates, thorough security assessments, and comprehensive ongoing employee training cannot be overstated.

Top Priorities for FS Security Professionals

To stay ahead of the evolving cybersecurity landscape, FS security professionals must prioritize:

  • Developing a sophisticated framework for regulatory compliance
  • Aligning investments with local infrastructure and cloud technologies
  • Establishing rigorous vetting and monitoring processes for supply chain security
  • Leveraging innovative technologies like AI and blockchain to automate tedious compliance tasks

KPMG’s Expertise

At KPMG, our cybersecurity experts can assist FS organizations in:

  • Developing advanced digital solutions
  • Advising on the implementation and monitoring of ongoing risks
  • Designing appropriate responses to cyber incidents

Our professionals are adept at applying leading thinking to financial services firms’ most pressing cybersecurity needs and developing custom strategies that are fit for purpose.

Get in Touch

If you’re a smaller FS firm looking to stay ahead of the evolving cybersecurity demands, contact us today to learn more about how KPMG can assist you in developing a robust cybersecurity program.