To continue the excitement of FIL 2024, we had a hugely insightful session with innovative FinTechs and security industry experts for our next day of Interview Week 2024. The latest in our Stream spotlights comes in the shape and size of all things Security and Cloud.
It is our pleasure to shine a spotlight on topics of conversation during the morning of FIL 2024 Interview Day #2…
Security and Cloud: The Battle to Stay Ahead in a Cloud Cyber World
As we innovate, so too do our cyber adversaries. New technologies are just new targets through the eyes of an attacker. Businesses have responded to the growing number of breaches and threats by dramatically increasing spending (around 15% according to a recent study), but the issue continues to spiral.
Financial services is one of the most targeted industries for ransomware.
More funding is not the whole answer, and when a new technology frontier presents itself, we must be tireless in our mission to innovate our security along with it.
Inevitably this year, AI will be one of the key topics in innovation. How do we use it securely, and what are our attackers using it for? The 2024 WEF Cybersecurity Outlook Report (developed in collaboration with Accenture) found that 91% of experts believe that generative AI will give the advantage to attackers. Through initiatives such as the Fintech Innovation Lab, financial services companies will need to stay informed and relevant to this new world as they define their own AI journey.
From the same WEF report, 41% of organisations suffered a material impact from a cyber incident caused by a third party in the past year. Even if there are new technologies that our organisations do not plan to use, we must be aware that our third-party ecosystem will continue to leverage capabilities such as AI, and persistently update our understanding and approach to these tools. A true cyber-resilient business will need to understand the full extent of its dependency on the supply chain, in particular as more operational resilience legislation comes into force, such as DORA.
For the first time, the SEC has directly charged a CISO with cybersecurity control failures.
The CISO’s stature in the organisation has grown — more CISOs than ever report directly to CEOs or Boards (72% in 2021 compared with 59% in 2020). With this new status, comes great accountability. For the first time, the SEC has directly charged a CISO with cybersecurity control failures. With more budgetary control, a part of the CISO’s mission needs to be leading sustained innovation in security. Our enemy is always learning, and we won’t be left behind.
Eoghan McCarthy, Security Consulting Senior Manager, Accenture
Keep an eye out as we reveal our FinTech cohort for 2024!