Demanding performance with high risk
For the financial services sector, real money is at stake when it comes to cybersecurity. The entire industry has secured a pioneering role for itself through comprehensive measures – including the use of new technologies. However, the ubiquitous digital transformation has significantly increased the scope for cyber-attacks – and with it the business risks. These are addressed in more detail in a new market study conducted by Forbes Insight in collaboration with VMware and SVA GmbH.
Security controls are still largely unchanged
Two-thirds of the financial service providers surveyed said they already restructured their systems to support digital processes and interfaces, thus driving forward the transformation of infrastructure, security controls and applications. One of the most important goals of the digital transformation these companies are going through is to have a secure and modernized infrastructure as a fundamental platform for new digital technologies.
Company size as a factor in the decision-making process
The size of a company and the available resources associated with it are the determinants of how comprehensive security measures should be. Due to financial constraints, cybersecurity efforts in the financial services sector are often mixed up with compliance programs. Security professionals and executives in the financial services sector must prepare for the transformation and the radical changes in their organizations.
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The original version of this article by Christian Strijbos (SVA GmbH) can be found under https://focus.sva.de/cyber-security-in-der-finanzdienstleistungsbranche/.
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