Navigating the evolving cyber security landscape
Actively managing customer trust in the financial services sector, amidst constant and accelerating technological disruption, presents leaders with fresh challenges and new revenue opportunities. Trust has become central to customer experience, and financial services organizations are demonstrating a commitment to trust through their cyber agenda.
Our discussion with a group of country cyber security practice leaders touched on a number of the key questions which are currently being considered by security leaders in financial services.
For instance, the growth of virtual banks is not just a competitive threat to incumbents; it's also forcing the pace in IT infrastructure transformation in order to keep pace with new players.
AI and bots may be revolutionizing interactions and transactions, but these must also be kept on a leash, to ensure they are secure and trustworthy, and that they contribute to rather than disrupt the customer experience.
Financial services organizations are competing not only with their traditional peers, but also with an increasing number of agile, digital disruptors such as virtual banks. The pace at which these new players are developing is forcing traditional banks to adopt more agile approaches to managing their own IT infrastructure.
With everything available as-a-service, financial services organizations must ensure their governance and controls are sufficient to cope with a growing range of partners, particularly when it comes to supplier selection, data security and privacy.
And the roles of risk officers are set to change as cyber policy, risk and compliance moves from the Chief Information Security Officer (CISO) to the Head of Cyber Risk, opening the door for a convergence of fraud and cyber risk.
It's an exciting time to be involved in cyber security in financial services, and we hope the insights in this discussion paper help to further the debate and, more importantly, stimulate innovation in risk management.