Technology
T
he cyber landscape is changing fast. Year over year, organizations face new threats and tactics from threat actors who want to capitalize on the security shortfalls of financial institutions. While these risks change, one thing remains the same; the need for robust cybersecurity to defend against evolving threats and threat actors. Financial institutions are a prime target for cybercriminals as they process monetary transactions and house highly sensitive customer and financial data. Cybercriminals also know financial institutions have easier access to funds to pay off ransoms than many other businesses, such as small online retailers. And these 22
criminals know reputation is everything and may threaten to leak company data or expose the hack publicly. Assessing the risk landscape is a critical first step to ensuring financial institutions are protected from evolving cyber risks. Before investing in technology to bolster your firm’s cybersecurity efforts, you must fully understand what risks you are up against and create a well-thought-out plan to mitigate these risks. Mindlessly throwing software solutions at issues is not an adequate fix. While technology suppliers and vendors can offer valuable solutions to protect against cyber-attacks, it can be money wasted if your business does not invest in the right solutions.
Mitigate third party risk Cybercriminals continue to attack critical supply chains that are vital for all businesses including financial institutions. Gartner predicts that by 2025, 45% of organizations worldwide will have experienced attacks on their software supply chains. Securing the supply chain and ensuring proper third party and vendor risk management is now as crucial as your in-house risk management process. Today, businesses across verticals rely on third party vendors to perform daily business operations. The financial services industry is a large consumer of outsourced technology, elevating exposure to potential third party risk. As financial
