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Digitalisation, the increasing use of cloud-based business solutions and the networking of data, objects and systems through complex IT infrastructures and business processes open up enormous opportunities for the financial industry. Information assets are increasingly becoming the basis for value creation. They are an essential component for achieving corporate goals.

At the same time, however, this technical change also harbours unforeseeable risks and offers cyber criminals new attack surfaces. Because as the potential for the financial industry grows, so do the opportunities for hackers: they are professionalising their attacks by further developing tools and an increasing number of potential attack vectors. That is why targeted attacks with phishing lead to higher success rates for attackers and greater amounts of damage for victims.

Additional pressure to act comes from increasing legal and regulatory requirements and the tightening of supervisory monitoring of IT. New regulations such as the Digital Operational Resilience Act (EU DORA) bring further requirements, but also aim to standardise different requirements at EU and national level as well as between sectors.

KPMG takes a holistic view of IT compliance and cyber security. Our expert teams support you along your digital transformations to make them secure and compliant

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More security in the cloud

Christian Nern (Partner, Financial Services) in conversation with Michael Kleist (Area Vice President Sales, DACH Region, CyberArk)

What is the importance of cloud adoption for financial institutions? Watch our video on "What financial services companies should know about cloud security" here and learn more.