Financial institutions see oversight for cyber security at Board-level
Regional banking and financial institutions are well on their way to raising cyber resilience, though fall short on Board level representation
DarkMatter has highlighted that whilst banking and financial institutions are tackling cybercrime, they are falling short on Broad-level representation.
A survey from the cyber security firm saw that 70% of respondents revealed that their organisations possessed a chief information security officer or the equivalent of a senior management position. However the objective for banks and financial institutions is to have this level of representative across all areas of business.
The survey also found that fewer than half of the respondents believe their organisations possess sufficient cyber security expertise internally to effectively combat and resolve cyber incidents. DarkMatter highly recommends that organisations seek assistance from third-party cyber security experts for technically challenging cyber security assessments and implementations.
Given the heightened requirement for trust and transparency necessary in the banking and financial services industry and the extent to which the sector is targeted by threat actors, DarkMatter also advises that systems and devices are security vetted in order to ensure there are no backdoors or other security vulnerabilities present.
Ideally, such vetting ought to be conducted by a verified third-party specialist that possesses the technical capability and the reputational integrity to be able to undertake such a review effectively.
There is a general shortage of cyber security expertise globally, with some industry forecasts estimating a skills gap of 1.5 million professionals in the sector by 2020.