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Cyber security across the financial services
Financial businesses are directly linked to wealth, and the global economic system at large making the sector an attractive target for cybercriminals varying from motivated hackers to state-sponsored campaigns. Financial sectors businesses require advanced cyber security measures in place compared to other industries.
Technological advances have made banking faster and innovative by improving products to consumers. Similar to financial risk management, technical risk management plays a key role in avoiding major disasters. Loss of compliance due to ISO 27001, PCI DSS or related regulations is another security risk to a financial services business.
What are the key security challenges ?
Risk and Controls Self-Assessment (RCA) & Cyber Risk Management
In 2018, FCA came up with major findings after conducting multi-firm review on wholesale banks and asset management . Most of the firms reviewed relied on risk and controls self-assessment (RCSA) without getting involved in in-depth technical exercises to assess the accuracy, scale and nature of risks. The main findings raised valid questions around the following:
- How well Board and Senior Management’s decision making is impacted by the understanding of cyber risk profile?
- Are firms taking a proactive approach towards cyber security to ensure it’s an organisation-wide priority?
- How effective is second line (CISO, CXOs) in identifying and managing cyber risks?
- Have firms drawn connections between cyber and conduct risk?
Wealth of experience, skill-set and outcome focussed approach.
What are your key security questions?
Financial Sector Experience
This section refers to specific project based experiences in this sector. These were conducted at retail and investment banks, private equity firms, wealth management institutions, M&A due diligence and Tier 2 businesses.
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