Financial services organizations are having to transform at speed. Accelerated digitization –necessary to meet customer and market needs – also brings many cybersecurity challenges.
New assets, processes, environments, endpoints, and applications have increased threat surfaces. Human error remains the primary cause of data leaks. Meanwhile, a shifting regulatory landscape makes compliance difficult, and the consequences of breaches are harsh. As part of an industry that is an attractive target for cybercrime, financial organizations have developed a more mature approach to their security and IT hygiene. What wasn’t previously considered as essential (such as round-the-clock support and monitoring) is now considered critical to operational resilience and functionality.
These developments have also come with the acknowledgment that managing cybersecurity is costly, complicated, and demands specialist skills. Financial firms, used to keeping their data close to their chest, have accepted that they need help from outside; to form partnerships with experts with the specialist skills who understand the changing threat landscape and can efficiently and effectively run their security programs. And that is where ECI comes in.