The financial sector has discovered that positive change in one area can exacerbate security vulnerabilities in another.
Accelerated cloud adoption has driven enormous growth in digital banking - opening up exciting new business opportunities and evolving operations. But at the same time, this rapid industry evolution is also creating new security challenges that urgently need to be addressed.
Organisations are dealing with an expanding attack surface and an increased potential for security breaches to come through their networks of third-party suppliers. In response, concerned regulators are toughening their stance and demanding more robust strategies and measures, like the Digital Operational Resilience Act (DORA), to boost operational resilience.
We’ve created an approach for banking and financial services organisations that recognises the singularity of the sector’s challenges. It prioritises supporting change in three areas:
1. Multi-cloud security
The shift to the multi-cloud provides considerable competitive advantages but in this new environment, it can often be hard to see where data sits, who has access to it and how it’s being protected. Today, CISOs need to make sure they have the right security controls in place to prevent data breaches, compliance failures and unauthorised access.
2. End user and data protection
With an increase in remote working, critical data and systems are now often operating beyond the reach of the traditional security perimeter. Securing your endpoints, with solutions like Endpoint Detection and Response (EDR), is vital to prevent malicious actors from infiltrating your network and accessing valuable or sensitive information.
3. Operational resilience
Your security and data protection practices are only as secure as your weakest link. Cyber criminals know this and are increasingly leveraging gaps in your software supply chains. Holistic third-party risk management and a comprehensive approach to operational resilience are vital to safeguard your organisation.