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Seminar Roundup: Building Cyber and Technology Resiliency in Financial Services

By Amisha Shah | Tuesday, April 16th, 2019
Late last year, the Financial Conduct Authority (FCA) published a cross-sector survey. 296 firms across the wider UK financial services landscape including asset managers, investment firms and banks were surveyed to investigate how effective resiliency practices surrounding their cybersecurity and technology are. There were some shocking findings, what stood out the most was that there was a 138% increase in technology outage incidents between 2017-2018. Results from the survey also indicated that nearly half of firms do not upgrade or retire old IT systems in time. 

As an industry, whilst we’re getting better at building and maintaining a strong infrastructure with access to evolving tech and enhanced security processes, there is still pressure to do more to ensure your network is truly bulletproof. Earlier this month, experts from Eze Castle Integration and leading law firm, Simmons & Simmons, explored key areas of concern outlined by firms in this survey, sharing guidance on the cybersecurity, operational and managing third-parties aspect of building resiliency. Today’s blog article will roundup key cyber and technology considerations covered at the event by Dean Hill, Executive Director at Eze Castle Integration.

 
Creating a Security-Centric Organisational Culture

Unfortunately, cyber-attacks are now a much too familiar story with breaches and attacks in the news more often than ever before. In fact, cybersecurity was sandwiched between ‘failure of climate-change mitigation’ and ‘large-scale, involuntary migration’ in the World Economic Forum’s 2018 Risk Landscape. Subsequently, cyber resilience remains a top concern for firms, with one of the key weaknesses lying with people. This is where the human element of cybersecurity comes in. Firms are advised to create a security-centric culture in their organisation to help employees become confident at identifying phishing scams. This can be achieved through an ongoing managed phishing and training programme. Our recent webinar on strengthening your human firewall explains how this works and provides a complete checklist for phishing readiness.

The Importance of Information Sharing

Now, thinking about the importance of information sharing around cyber-attacks and any risks firms are faced with. Whilst findings from the report indicate that larger firms in the landscape are playing an active role in information sharing networks and platforms, what is concerning is that this does not extend to smaller firms. Many small firms felt they did not have anything relevant to share, which means that valuable information is missing from such forums. It cannot be stressed enough as to just how important information sharing is to keeping future resilience and defence practices relevant. All businesses whether large, medium or small, are advised to share information around any attacks or risks they are faced with, with the National Cyber Security Centre.

Effective Third-Party Management

The report highlights that nearly 80% of respondents struggle to maintain a view of information they hold, as well as information shared with third parties and suppliers. Third-party management is crucial to ensure your business is fully aware of the risks it is exposed to. With this overview, you can prepare to avoid, and even respond to risks effectively when needed. In addition to this, firms also need to ensure they are aware of and comply with any regulatory requirements around outsourcing functions.

Eliminating Chances of a Technology Outage

As we’re all too aware, downtime is not an option in the world of Finance and any technology outages can be highly disruptive. The survey found a 138% increase in the number of technology outage incidents reported between 2017-2018. We’ve seen some firms leverage the innovation of technology, whilst, shockingly there are others in the landscape that still rely on ageing IT systems. Firms are advised to ensure they are investing time and money on a regular basis to spot and fill any gaps in their infrastructure that are keeping them from operating at maximum efficiency. If internal IT teams do not have the bandwidth to take on this responsibility, it is worth sourcing a trusted managed IT services provider to prescribe the right technology for your business. As experts in IT, they can help you leverage the latest technology to maintain connectivity and take care of any outages in the least damaging manner.

We hope you found this article informative. You can take a look at our events page and join us for upcoming seminars, webinars and at industry events we’re attending in your region.
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