Financial services firms are experiencing an astounding number of cybersecurity breaches, according to Accenture’s High Performance Security Report 2016. A typical organization faces an average of 85 attacks every year, and an estimated one third will succeed.
It's not that firms have been remiss in their efforts. It's more about the nature of the perpetrators and their tactics. Cybercrime is a dynamic and challenging undertaking. And these bad guys have been targeting the financial turf, or rather cyber-turf.
What's an asset manager to do?
Develop a robust cybersecurity program designed to prevent attackers from achieving their objectives rather than simply preventing breaches. The key: instill cyber resilience.
Cyber resilient businesses have several common characteristics:
More secure processes and systems
Strong controls and environment
Digitized and automated processes
An aggressive, proactive, enterprise-wide culture that prioritizes security
A firm’s multifaceted approach to cyber resilience should incorporate business risk/reward decision making. It should also secure buy-in from the top-down of the organization and both in and out of its walls.