VMware reveals how IT security professionals within financial services firms are losing the battle to keep vital data safe against a rising tide of cyber threats. In a study released today, 67 percent of respondents admit to cyber security practices in their organisations ‘which would shock outsiders’. A staggering 90 percent also stated they have to make compromises which could leave other areas exposed when protecting their organisation against cyber threats, and half (51 percent) admitted they do this regularly.
As the financial services industry continues to digitise, the study suggests too great a focus is placed on protecting the more visible consumer services, such as customer websites, potentially leaving exploitable holes surrounding internal systems and trading data. Findings show that while there is quite rightly an overwhelming focus on protection for e-banking and customer applications, this is often at the expense of other systems (71 percent). With head of Europol, Rob Wainwright, recently voicing serious concerns that cybercriminal capabilities are sophisticated enough to really threaten critical infrastructure in the financial sector[1], the findings point towards a need to better balance financial organisations’ rapid digital transformation with stringent cybersecurity practices right across the business.
There also appears to be a sense of frustration in the direction those responsible for defending against security threats received, alongside a lack of understanding from leadership teams of the potential for breaches:
- Over half (53 percent) don’t believe their leadership team understands the complexity of today’s threats
- A quarter (25 percent) stated the impact of cybercrime was simply treated as a cost of doing business
- 62 percent revealed they struggle to secure funding for urgent cyber security projects
- 65 percent admitted the stress associated with their role is hard to cope with
Ian Jenkins, Head of Network and Security, UK, VMware said, “In chasing the digital promised land, financial services organisations run the constant risk of overstretching already antiquated security infrastructures. Those on the front line defending against cyberthreats clearly feel there are significant flaws ready to be exploited: this should act as a wake-up call that there are serious risks to data if security isn’t baked into everything the organisations do. Ignoring them and the compromises they’re having to make could be hugely damaging.”
Richard Bennett, Head of Accelerate and Advisory Services, VMware said: “This past era of compromise towards cybersecurity must end. A revised approach to protecting digital assets, starting at a security by design philosophy, is required to allow IT security professionals to dynamically manage the myriad of threats now faced. This involves understanding that cybersecurity does not begin and end with IT, but is a challenge for the whole organisation. It is also about recognising that adaptive networking, applications and systems are no longer nice to haves, and that cyberhygiene is intrinsic to a company's digital footprint today.”
