Financial services institutions are continuously innovating in order to offer differentiated digital experiences. Simultaneously those same institutions are deploying advanced nonintrusive security capabilities. Success across innovation and security reduces churn and allows institutions to alleviate operational costs.
Executives have realized that it is not a question of if they will face a cyberattack, but when. Most organizations have yet to introduce such capabilities as AI, machine learning and intelligent orchestration and they face an increasingly difficult task to diagnose a breach, assess the size and scope, and respond in the timeframe required by the GDPR (General Data Protection Regulation).
A company’s successful defense often depends on one or a few individuals who may not have adequate information or experience to quickly take the best actions in the midst of a breach. Many institutions are finding that they are vulnerable to the increasingly common scenario of attacks launched by internal resources. A corporate breach can inflict damage to the corporate brand, bring about a loss of digital trust, create regulatory impacts or worse.
How can the Financial Services Industry Improve Cybersecurity?
A company can gain a competitive advantage if they can address the ever-increasing number of security challenges while also enabling innovative, differentiated experiences for their clients. Here are a few steps for getting started:
- Strengthen your defense strategy: implement advanced data intelligence gathering and security analytics optimized with automation and AI to amplify your teams’ efforts.
- Get ahead of compliance. Leverage technology to understand your regulatory obligations over time.
- Consult and collaborate with industry peers and experts: Utilize communities, and intelligence analysis tools to assess and improve your readiness.
- Increase attention on fundamentals: Know your assets and inventory, understanding your organization’s vulnerabilities and attack surfaces. Classify sensitive data and track usage patterns, using multilevel authentication, layered defenses, device security, and more.
- Innovate while improving defenses: Pursue accelerated growth and the benefits of hybrid cloud while securing data and workloads in the cloud.
- Build digital trust: Adopt new technologies and approaches to identity and access management to enable authentication but do so without negatively impacting the customer experience.
- Foster a security-oriented culture and expand executive involvement. Work to make security a central focus for all and not just the responsibility of the chief information security officer (CISO) alone.
- Practice incident response. Practice, Practice, Practice! Develop and maintain dynamic response playbooks that use AI and machine learning to automatically leverage threat intelligence information. Practice your incident response plans.
Many financial services companies are offering compelling, personalized customer experiences while building cybersecurity operations that are flexible, scalable, and driven by data analysis. Companies that do not have strong cybersecurity coupled with an effective incident response plan are exposing themselves to the worst-case scenario associated with a breach. Learn more about cyber threats to the Financial Services Industry.