The year ahead for global financial services organizations will present significant cybersecurity challenges. For many, top initiatives will include addressing insider and third-party risks, deployment of new technologies like artificial intelligence (AI) and compliance with complex regulatory obligations.
Addressing these issues will help financial organizations enhance their ability to detect compromises, which appears to have declined this year. Businesses identified an average of 3,356 incidents, a 32% decrease over2017,according to 965 financial services executives responding to The Global State of Information Security® Survey 2018. This represents the lowest number of reported incidents in six years.
To better detect and respond to cybersecurity attacks and insider compromise and prepare for new regulatory obligations, financial services firms should renew their commitment to funding, developing and improving a proactive cybersecurity program. Start with the following first steps:
Principal, Cybersecurity and Privacy, PwC US