New FinTech Futures Report: The Changing Face of Cybersecurity
New FinTech Futures Report: The Changing Face of Cybersecurity
In 2020:
1,318% rise in ransomware attacks
238% in cyberattacks targeting banks
In 2021?
FinTech Futures, in collaboration with ISACA, has launched its latest report.
The financial services sector, while traditionally one of the more secure industries in the world from a security and resiliency perspective, has had to face several challenges in the past two years or so.
How can banks advance their cybersecurity posture in a new digital age?
These have tested the sector’s ability to rise to new challenges, adapt to changing circumstances, and rapidly accelerate digital processes in reaction to customer and employee demands.
While the banking sector has faced the risk of cyberattack for many decades now, and has built standardised defences to prevent major breaches, many of these legacy strategies and processes struggle to meet the needs of a rapidly changing world.
Even the best of walls can be flow over or dug underneath, and defence in depth against traditional attack vectors is no use when having to open up to millions of new touchpoints in the wake of the COVID-19 pandemic.
Yet it’s not just the bad guys causing issues.
New technological trends like open banking, embedded finance, and hybrid cloud environments are causing massive change in systems, processes, and strategies.
A rapid generational shift in technology also opens up avenues for exploitation as organisations fail to protect gaps in their defence networks.
With all this rapid change, what can financial institutions do to evolve their cybersecurity position and foster an environment where protection are integrated into every process and strategy?
Our report features expert insight from the market, including:
- Corey Hamilton, partner, IBM Security Services
- Jon Brandt, information security professional practices lead, ISACA
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