Data, IT and business security have always been paramount for financial organisations. But in an increasingly digitised world, more data is being produced faster than ever. Financial organisations are encouraged to share customer data while at the same time being expected to safeguard it with progressively stronger measures. Data they are responsible for often resides outside their organisation and can be accessed by a multitude of systems and devices.
In 2018 the World Economic Forum (WEF) surveyed more than 12,000 executives around the world about what they considered to be the biggest risks to doing business, ranging across political, societal and technological concerns. Cyber-attacks were considered the number one risk by executives in Europe and advanced economies.
Financial Services has been, and continues to be, a targeted sector, and cybercrime is becoming sophisticated on an industrial scale. A more strategic and wholesale approach needs to be adopted industry-wide to fend off the threat, particularly as detection and response times are increasing.
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