Enabling innovation: Cybersecurity’s next act

The state of cybersecurity is going through a metamorphosis as financial services leaders are transitioning from a mentality of fortifying the IT perimeter to one where an organization provides secure, distributed access to customers, staff and third-parties. Many of the drivers behind the shift –the rise of mobile, demand for third-party access to customer data and remote workforces — were accelerated by the COVID-19 pandemic. Since these drivers offer greater convenience and access, it is expected that they will remain once the pandemic fades. The growth in cybercrime, mirroring the growth in digital, only adds to the complexity. Simply pushing up defenses can inadvertently act as a roadblock to innovation, underscoring the importance of having the right strategy in place to enable business transformation.

This report explores the state of cybersecurity, how leaders are working to protect and provide access to their data as well as the impact breaches have on company cybersecurity strategies.

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Key findings include:

• One out of three organizations acknowledge the struggles they face in balancing the need for more robust cybersecurity with innovation and product development goals.
• Respondents see that the growing data access demands by customer-directed third-party apps will require new policies and procedures to deal with the trend.
• The biggest threat leaders expect over the next 24 months are viruses, followed by data breaches and phishing. They are also concerned about identifying fraud and privacy.
• Three out of four respondents expect their organization’s overall cybersecurity spending to increase year-over-year, with over half (58%) reporting a 10% or more increase.

Why read this report?

The shifting priorities in how an organization handles data, going from protecting it to now providing access are all in response to changes in the financial services ecosystem. The pandemic has accelerated many of these trends and cast light on nascent ones such as remote workforces. This report explores the state of cybersecurity, how companies are adapting to the changing business environment and future strategies that are being considered.