Finance Derivative Magazine Issue 4

Page 14

Technology

Delivering an Effective

STRATEGY

C

ybersecurity continues to be a major challenge for companies across the UK with as many as four in ten business-

es (39%) reporting cyber security breaches or attacks in the last 12 months. Whilst many have struggled with security issues for decades, the COVID-19 pandemic has compounded such problems. The shift to remote working has made company devices and critical business activity vulnerable to unsecure home networks which exist outside of the scope of traditional security operations teams. This has resulted in many IT teams struggling to safeguard their data and adjust their security practices over the last year.

14

Whilst many saw the pandemic as a catalytic moment for digital transformation, there’s no reason why the same can’t be said for cybersecurity. However if companies are going to revolutionise their security practices, they must rethink the way security is communicated across the business. Here are three vital components that make up an effective cybersecurity strategy in 2021. Sync cybersecurity with strategic goals A successful cybersecurity strategy should be in sync with a company’s strategic goals and must avoid hindering business performance or productivity. Historically, cybersecurity measures have made it harder for employees to carry out their day-to-day operations, with restrictions in place that strangle operational effectiveness. However, if cybersecurity measures restrict workflow this will lead to frustration among employees and limit the amount of staff adhering to necessary security procedures and even driving them

to circumvent security controls. Cybersecurity must also act as an enabler to the overriding strategic aims of the business, rather than setting the agenda itself. Rather than focusing on security first, start outlining the digital objectives of the company and then layer these with security measures that safeguard company data and information. In other words, companies should start with what they wish to achieve and then the security measures will become clear afterwards. Furthermore, serious problems can arise when information security teams aren’t included in the design of solutions. Without continued communication and collaboration, information security teams can be blindsided with potential security risks that they have no choice but to isolate and secure. This creates the reputation that the information security team is the ‘big bad wolf’, rejecting digital initiatives and arbitrarily enforcing roadblocks that hinder progress. In reality, if information security


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“Everyone can be a fintech”. Behind the Banking-as-a Service Boom.

4min
pages 82-84

CI Asset Management

1min
pages 78-79

Natural gas or green hydrogen heating? It’s not that simple

4min
pages 76-77

Bank guarantees: levelling up in the new digital age

5min
pages 72-75

Why the future city is AI

4min
pages 80-81

How European Merchants can take advantage of QR Code

4min
pages 66-67

How to grow wealth by using the stock market

7min
pages 68-71

The Fintech Revolution - How New Tech Can Transform

7min
pages 60-62

How virtual reality and digital twins are transforming

5min
pages 63-65

The importance of the CFO in investment and raising

4min
pages 58-59

The rising importance of software quality assurance in fintech

4min
pages 50-51

Automating business processes is essential to digital

4min
pages 46-47

Why should financial services choose cloud native?

4min
pages 48-49

Why technology is the key to improving agility for retail

5min
pages 42-45

The five tenets of an effective cybersecurity programme

4min
pages 36-39

Cash industry on road to sustainability

5min
pages 40-41

Network visibility: how banks can transform their IT

4min
pages 34-35

How to embed ESG into your M&A deal

4min
pages 32-33

How digital invoicing can help offer a better e-commerce experience

4min
pages 29-31

Transforming the reporting process for success

4min
pages 20-21

Digital Currencies: The next big financial experiment?

3min
pages 10-11

Business sustainability: is it too late for a business to

4min
pages 7-8

Interview with Dr. Herbert Wigwe,GMD/CEO, Access Bank Plc.

11min
pages 22-28

Unlocking the Power of Hyperautomation in Finance

5min
pages 16-19

Delivering an Effective Cybersecurity Strategy

6min
pages 14-15

Is cryptocurrency the new ‘digital gold?’

5min
pages 12-13

Sustainable investing. Can social aims and financial aims go hand in hand?

3min
page 9
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