Cybersecurity for Financial Services and Regulated Industries

Protect your business, and prove compliance

Solution / Cybersecurity for Financial Services and Regulated Industries

Financial services companies are attractive targets for cybercriminals and advanced nation-states that want to steal money and data about your customers.

Digital transformation has improved how your IT organization collaborates with the business. Still, the chances are that your cybersecurity processes, policy, procedures, and tooling have not kept pace with this transformation. When cybersecurity falls behind the pace of IT, it’s harder to protect your data and organizations effectively.

Regulatory compliance requirements also add to business risk. A failed compliance audit not only means you’re vulnerable to an attack but also results in hefty fines. Despite the cost, the ongoing effort to remain compliant is often so high that many in the organization see it as a waste of time and resources. Because the pressure to protect digital assets and data continues to increase, IT teams end up taking on the majority of security work within an organization—all while continuing to maintain their original workload. Executive leadership often sees IT as one of its highest overhead costs. Still, to those doing the work, it seems like there are never enough resources to keep up with the pressure of security compliance.  

The cost of regulatory compliance

We hear from customers that their regulated environments feel like revolving doors for different auditors. When one audit finishes, another starts. Often, these regulatory audits are validating the same controls, but have their unique Authorization and Assessment process. The result? More significant internal effort, higher operational cost, and slower deployments, all thanks to the added overhead of frequent audits.

Third-party vendor risk

Modern financial businesses are highly interconnected, and often, those interconnections themselves are regulated. Every third-party your business interacts with represents some level of risk. What data are you sharing with them? What regulations are they subject to? Do they have appropriate cybersecurity practices and countermeasures in place to ensure the safety of the data you share with them?

It’s no longer enough to base third-party vendor relationships on trust and a handshake. You have a regulatory requirement to assess and vet your vendors to truly understand risk exposure. Heavily regulated companies, like FSIs, are even looking into their vendor’s vendors to make sure that these fourth-party contractors meet security best practices and don’t pose additional risk for their organization.  

Cybersecurity transformation

It’s impossible to talk about modern IT organizations without discussing digital transformation. However, cybersecurity practices have failed to modernize, scale, and integrate in the same way that IT operations and development have modernized with the DevOps movement. Achieving DevSecOps requires more than adding in a few cybersecurity tools to a DevOps toolchain. It requires a complete re-thinking of cybersecurity. It requires taking cybersecurity transformation as seriously as digital transformation.

A driving force for change

Innovation in the FSI and other regulated industries has enabled you to expose a tremendous amount of information and data from core systems and platforms that were once unimaginable. This access puts an even higher level of importance on practical planning, selection, and implementation of security controls to ensure system security.

Planning and implementing effective cybersecurity strategies requires advanced knowledge of the three essential targets of a security control:

  • People
  • Process
  • Technology

A cybersecurity transformation plan that does not fully account for these three aspects of security will inevitably fail. Additionally, customers depend on your business to keep operating. A strategy that requires an all-or-nothing implementation or an approach that requires half a decade of effort before delivering value won’t improve your security posture today.

In every customer engagement, we seek to understand your critical problems so we can solve them. As we improve various aspects of your cybersecurity approach, we do so iteratively. We provide rapid value and results while building upon previous steps to continuously improve your policy, procedure, and tooling.

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Abby Costin