Other parts of this series:
As shown in this infographic, financial services institutions need to do more than simply rely on compliance frameworks for their cybersecurity protection.
Traditional compliance frameworks and programs help define security foundations but don’t protect a company from breaches.
Companies need to reboot their cybersecurity approach to deal effectively with threats.
- Define cybersecurity success. Improve alignment of cybersecurity strategies with business imperatives and improve ability to detect and prohibit more advanced attacks.
- Pressure test security capabilities. Engage a Red Team for attack simulations to establish a realistic assessment of internal capabilities.
- Protect from the inside out. Prioritize protection of the organization’s key assets and focus on the internal incursions with greatest potential impact.
- Keep innovating. Invest in state-of-the-art programs that enable outmaneuvering adversaries vs. investing more in existing programs.
- Make security everyone’s job. 99% of breaches not detected by security team members, are found by employees according to an Accenture study.1 Prioritize training for all employees.
- Lead from the top. Chief information security officers should materially engage with enterprise leadership and make the case that cybersecurity is a critical priority in protecting company value.
One critical task: Build your company’s overall confidence in the security organization.
Improve overall maturity of the security team and its skills in protecting the business from devastating losses. Improve the alignment of cybersecurity strategy with business imperatives. Continuously improve your ability to detect and prevent advanced attack scenarios.
Meeting the challenge
Business challenges are coming from many directions, including regulatory pressures and increased customer expectations. Fortunately, financial services firms have met these kinds of challenges and demands before.
A case in point is the huge push toward higher-quality banking services in the face of new competition. Feeling the bottom-line impact of this threat, firms quickly began to act. A similar reaction is beginning to happen now with cybersecurity.
As their digital security strategies and organizations mature and as new solutions emerge, financial services firms that tie advanced cybersecurity innovations to real business needs can gain justifiable confidence in their ability to deal with cyber threats.
- ”Building Confidence – Solving Banking’s Cybersecurity Conundrum,” Accenture, 2017. Access at: https://www.accenture.com/us-en/insight-building-confidence-facing-cybersecurity-conundrum