Fri, Jul 27, 2018 – 5:50 AM
THE financial services industry is more complex and globally interconnected than ever before. When coupled with the rise of new and innovative technologies, we are in an environment of heightened cyber risks.
The financial industry is increasingly bringing together diverse firms that range from traditional mutual funds to smaller, tech-savvy fintechs hailing from leading financial centres and innovation hubs all over the world. While this diversity can be helpful when it comes to driving innovation and creating healthy competition, the downside to such an environment is increased cybersecurity risks.
Because firms within the financial services ecosystem implement disparate cybersecurity standards, we must be mindful of gaps in cybersecurity approaches across market participants and vendors. Only then can we continue to safeguard critical systems and sensitive data.
The traditional approach to cyber defence has focused on reducing the likelihood of attack, but in today’s financial ecosystem, cyber-attacks are not a question of “if” but “when”. Therefore, we must expand the focus more toward resilience, to effectively and quickly detect problems…
