Three security focus areas for banking and finance

Market evolutions for the banking and financial sector are ripe with potential but organisations must pair them with a risk management approach that keeps pace.

Three security focus areas for banking and finance

Market evolutions for the banking and financial sector are ripe with potential but organisations must pair them with a risk management approach that keeps pace.

Amith helps large organisations throughout AMEA to shape their cyber strategy.

In the banking and financial services sector, ongoing digital transformation, cloud acceleration and tightening regulations are making the cyber security landscape increasingly complex.

This is due to an organisation’s attack surface widening significantly, cloud-based services creating deeper dependencies with third parties and regulators requiring organisations to have a greater operational resilience to defend against business interruption and supply chain disruption.

Against this backdrop, it’s vital you can maximise your security capabilities to protect customer data, privacy and assets, without compromising performance. You need cyber security to be a business enabler that flexes to your organisation’s specific needs.Almost everything has changed in an organisation’s operational world except the networks that underpin their businesses. And this is a significant issue because, the further organisations move into a cloud-centric world, the more the inflexibility of traditional networks will hold them back and increase their vulnerabilities.

The three security priorities for banking and finance

Despite the risks associated with this new cloud-centric environment, the digital revolution happening across banking and finance is a significant opportunity. You just need to prioritise supporting change in three key areas:

  1. Securing your multi-cloud
    Organisations must be prepared for the impact the multi-cloud has on their security posture as data breaches, compliance failures and unauthorised access can all be drawbacks to the shift to dynamic, multi-cloud environments.
    To navigate the risk and maximise the reward of a multi-cloud environment, and to keep customer data and operating systems safe, you need to achieve better control, visibility and security across your expanding cloud infrastructure. Identity and access management solutions, can help you to adopt a Zero Trust approach by securing access to your cloud-hosted applications based on identities, permissions and roles.
  2. Securing your end users and data
    Cloud infrastructure is enabling more banking employees to work remotely but the ability to connect any device from anywhere has expanded the perimeter of the corporate network, creating a broader attack surface. You need to establish effective endpoint security defences to secure your employees from the heightening risk of exposed gateways and phishing breaches.
    Endpoint visibility and protection can speed up threat detection, investigation and response, maximising the protection of your IT environment and maintaining the integrity and availability of your endpoint devices.
    Adopting a data protection program with the capabilities to discover, classify, encrypted, mask, and control access through unified policies helps to control data exposure, exfiltration, and unauthorised encryption of sensitive data.
  3. Improving your operational resilience
    Security and data protection practices are only as strong as the weakest link in a supply chain. As cyber criminals increasingly leverage gaps within software supply chains, you need to adopt a comprehensive approach to operational resilience that considers both your internal processes and your external collaborations.
    To begin building a robust resilience strategy, you should start by running vulnerability and software scanning, open-source analysis, physical security reviews and threat-led penetration testing across your internal infrastructure and adopt third party risk management process to assess and ensure the compliance of services offered by third parties. This will also help you fulfil the latest regulations and requirements, including the Digital Operational Resilience Act (DORA) that will apply to financial sector organisations operating in Europe from 17 January 2025.

A co-management partnership

No matter where your financial organisation is on its journey to harness the benefits of digital and cloud transformation, our dedicated experts can help secure your next steps. With our co-management approach, and ever-increasing choice of secure services and solutions, we can help you to set up, monitor, manage and proactively respond to any security incidents 24/7/365.

We assess and test your cloud implementation against industry standards, so you can be confident your migration won’t leave your data exposed or open to abuse. And we can run all of your digital operational resilience testing to safeguard your business’ operations and reduce the impact of service disruption costs.

Our experts have worked at the heart of the banking and financial services sector for over 50 years. And we've served 78 of the world’s top 100 banks, creating bespoke solutions that can adapt to change and help them stay resilient at all times.

Take a look at our latest whitepaper and let us help secure your future.