FIs must change cybersecurity mindset, MetricStream

The financial services industry is still not getting to grips with the frequency of cyberattacks, according to a MetricStream survey. Respondents were C-level employees of FS organisations from across the globe. 33.8% were unsure how many cyberattacks their organisation had faced in the last year – another 20% predicted there were more than 50 attacks on their organisations

Only 11.4% of organisations are sharing cybersecurity information with others in the industry. And just 38% utilise GRC technology within their cybersecurity programmes, despite its ability to link traditionally individual departments and provide a holistic view of the cyber risk facing the firm. The major cyberattacks within the past year that caused the most concern for respondents were SWIFT (25%) and Morgan Stanley (19.1%).

French Caldwell, chief evangelist at MetricStream, says: “The industry must understand that cybersecurity is no longer simply the remit of IT. It is very much part of the business’ overall risk structure and it requires the efforts of all employees to ensure that data is being used in a way that doesn’t add risk. The statistics also highlight the discrepancies that exist between the cybersecurity offered to data belonging to different parties. Data regulations have strong guidelines regarding how information on customers and partners should be handled, yet employee data isn’t always considered in the same bracket. This leads to businesses believing that such data isn’t as important, not protecting it with the relevant measures and leaving it more vulnerable to cyberattacks. Employees should not have to worry about the security of their data, and both the industry and regulators need to change their approach to ensure they are as protected as customers.”

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