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Security in the Financial Services sector

Are you ready for the "new"?

Overview

Digitalization changes the business and the way companies interact with their customers, manage their operations and respond to new competitors entering the market. With this important shift, we are also seeing dramatic changes to, and in some cases a complete disruption of, existing business models.

This Accenture Financial Services Technology Advisory paper presents an approach to managing organizational security, and explores four initiatives financial services companies can put into practice.

DOWNLOAD SECURITY IN THE FINANCIAL SERVICE SECTOR [PDF]

SECURITY FUNCTION ROLE

The security function has to align its approach to the company's business strategy, the changing threat landscape and emerging technology trends. It's an interesting and demanding environment in which to operate a security function.

image Transforming security
  • Transformation effort should be closely lead and managed

  • Transformation process should be supported by specialists

  • Include a clear signal and a clear start

image Investing in threat intelligence
  • Detection is the new protection

  • Determine where the greatest impact can be generated for the most reasonable investment

  • Technology like Security Information and Event Management (SIEM) is not a silver bullet

image Building the right identity management program
  • Identity management is the foundation for an effective cyber security program

  • Identity management should be addressed from a process and technology perspective

  • Evolving challenges and greater connectivity create pressure to get identity management right

image Architecting for failure and compliance
  • Build an architecture which is resilient to attacks and outages

  • Plan for failure

  • Transform the architecture patterns and blueprints to embed resilience, security and compliance through automated and modular elements

RECOMMENDATIONS

Financial Services Institutions need to transform the security function, and program and leapfrog into the next generation of cyber security management.

This change is critical to supporting digital disruption within the business and benefiting from cloud infrastructures. By adopting this new approach, coupled with a new mindset focused on innovation and turning the security function into an active business partner, financial services companies can better position themselves to protect the business and support future growth.

LEARN MORE ABOUT ACCENTURE FINANCIAL SERVICES TECHNOLOGY ADVISORY


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