How the finance industry can utilise data to build trust in today’s working world
As the finance industry significantly transforms through the rise of digital and technologies like blockchain become more established, the shift of data will inevitably present opportunities to cybercriminals. Studies suggest that banking and financial organisations are nearly 300 times more at risk of cyber-attacks compared to other businesses.
With the UK financial regulator raising concerns of potential threats of new cyber-related attacks, the industry needs to be prepared and protect itself against an increasing variety of new threats. The conventional security tools are not enough, and businesses need to implement an intelligent stance towards cybersecurity on effective management of detection and response.
Cybercriminals understand that finance businesses contain a large amount of confidential customer data. The industry is expansive and connected to other industries, making it even more appealing to potential cyber-attacks. Individuals are becoming increasingly more sophisticated in discovering and targeting particular areas within the finance market. The rise of remote working has created further challenges when monitoring potential attacks.
The pandemic has accelerated the rise of digital across the UK. The finance industry recognises the importance of investing in new technology to meet customer demands, improve operational response and manage potential risks. This broadening process, however, creates more security challenges for the finance industry. Despite the progression in digital, many banks continue to rely on traditional systems that fail to address the requirements needed for effective risk and compliance management.
Traditionally, business leaders have viewed digital progression and cyber security as separate entities with varied objectives and goals. This siloed approach can often result in finance businesses overlooking potential security weaknesses that have emerged due to accelerated technology changes. Businesses that integrate new systems and upgrades without the necessary security in place are potentially at risk. Maintaining a clear mindset throughout the digital transition is a vital part of developing and maintaining resilience to possible cyber attacks.
Finance businesses need to explore ways to reduce risks without incurring costs. The focus of cybersecurity should shift from prevention to detection, containment and response. The Cost of a Data Breach Report by IBM explains the importance of detecting how and when a cyberattack has happened and how to respond appropriately. Businesses that take a short term preventative approach and don’t invest in future strategies are often the ones that take longer to recognise that a cyberattack has occurred.
Combining AI, automation and human analysis enable enhanced visibility over particular systems, allowing businesses to detect and prevent cyberattacks. The methods and reasons for cyber attacks will continue to evolve, so the finance industry needs to be one step ahead without impacting the digital capabilities that individuals demand. The best way to improve cyber resilience is by creating a cyber security strategy based around Managed Detection and Response (MDR). Success relies on ensuring businesses have the appropriate processes and people in place to manage new technologies. With many businesses lacking the necessary security talent and capabilities required for operating an efficient MDR, working with a separate security specialist will be critical.
By collaborating with a trusted team of experts, businesses can benefit from an agile solution that builds customer confidence and secures data. In today’s continuously evolving cyber landscape, it will be the businesses that apply a proactive approach towards security management and implement a cyber security process that generates the benefits of a more solid and structured IT system.