Cyber risks and data breaches are becoming more common and are now a top concern for the banking sector as 52% of executives in the Canadian financial services sector believe that cybercrime is likely to be the most disruptive economic crime of the next 24 months. Despite the heightened awareness of cyber risks, banks still face some challenges in building their cybersecurity strategies due to increasingly sophisticated adversaries, rapidly evolving technologies, and multiple regulatory requirements. They recognize this and are revisiting their security architecture to augment traditional controls with more layered and advanced controls. The focus is on protecting the new digital perimeter – data, identity and endpoints.
“Managing cyber risk is top of mind for all Canadian banks and they are working together, developing strong cybersecurity strategies and sharing leading practices and industry trends,” says Diane Kazarian, National Financial Services Leader at PwC Canada. “Creating an integrated approach to manage cyber risk solidifies Canada as leaders in this sector.”
Cyber risk is…
