Accounts of data breaches are hardly news these days and that, itself, is a cause for concern.
While we can’t stop this volley of attacks, we need to remain alert. The risk of taking cyberattacks for granted is that we also run the risk of taking them less seriously.
This is why the UK government is now policing the need for greater cybersecurity. Policies and compliance laws are there to remind us that cyber threats are real and imminent. They remind us to be vigilant so that incidents like the data leak caused by misconfigured Amazon Simple Storage Services (S3) bucket storage in the UK, last year, don’t occur again.
For UK-based firms, 2020 saw a marked rise in non-compliance costs. In fact, one of the biggest financial losses incurred by cyberattacks involved one financial company incurring a total annual loss of $87.9m (£6.6 million).
At the heart of stories like these are concerns over consumer privacy and financial and brand impact. To top that off, they also cost companies in potential fines imposed by data privacy regulations and compliance laws.
In our webinar, we discuss the costs of the dynamic compliance landscape that governs the finance industry. We also explore best practices that can guide you through this compliance ecosystem.
Here’s a brief overview of each.
Understand the compliance landscape of the finance industry
Financial firms will continue to be vulnerable to cyber threats because of the type of assets they manage. These risks expand with the increasing adaptability of digital, mobile, and cloud systems.
In light of this, there is a growing concern that the pace of development may exceed an organisation’s ability to ensure powerful cybersecurity and privacy measures.
The ever-changing regulatory landscape also makes it difficult to accommodate these developments.
While these regulatory policies may very well be what keep the industry safe, it’s hard to keep up with these changes. Many firms fall behind and are targeted by cybercriminals who are faster than the security strategies they put in place.
In our webinar, we explore the regulatory changes that govern the finance industry. We also discuss, in detail, the compliance measures and standards that determine cybersecurity in the industry.
Explore compliance best practices and solutions
Financial compliance supports secure operations and the proper protection of sensitive data. Meeting these cybersecurity compliance requirements provide firms with various benefits including:
The ability to access the most critical data and systems without fear
Greater awareness of the cybersecurity tools and practices to use/follow
Greater security for sensitive information and other assets
Less time required for cybersecurity incident response
Non-compliance doesn’t just deprive you of these benefits, however. They also lead to various issues including:
Financial loss due to data leaks, operational disruptions, and lawsuits
Loss of customer trust
Today, there are various regulatory policies that financial firms need to comply with. These range from obligatory, advisory, international, and regional laws. Only with the combination of these laws and standards can financial service firms build a more effective cybersecurity strategy.
At our webinar, we explore how these industry standards can be met without falling behind. We discuss the best practices you can take to safeguard your data and avoid reputational damage.
Do you want to stay up to date on the latest compliance measures?
Our webinar will give your financial service firm the insights to improve your compliance protocols with the right security solutions. You will be able to identify how to adapt your strategies to accommodate the dynamic compliance landscape.
Enhance your approach to compliance and discover how automated cyber risk monitoring can help you reduce your exposure to cyber risks.
Join us on the 15th of April at 4:30 pm BST, to find out how to coordinate your compliance ecosystem. Save your seat today.