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State of Cybersecurity 2022 - Enabling Innovation: Cybersecurity'S Next Act

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    Report

  • 17 Pages
  • February 2022
  • Region: Global
  • Arizent
  • ID: 5715058
The state of cybersecurity is going through a metamorphosis as financial services leaders prepare their organizations for the future. 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. The rise of the mobile channel, growing demand for third-party access to customer data, new vendors being deployed for product innovation and remote workforces are just a few of the examples of what is driving this shift.

Yet none of these phenomena are completely new. Many have been occurring in the background for some time, such as the growing importance of the digital channel, while others became more widespread in the last two years, such as employees working from home. Furthermore, there were certain third-party consumer-directed services that traditionally catered to younger consumers that are now reaching a broader audience, such as P2P money transfers, that have made providing secure data access to a third-party a priority for many financial institutions.

The accelerant behind these changes was the COVID-19 pandemic and the effects that the virus has had on how businesses operate and how consumers engage with them appear to be longer lasting. That is, once the pandemic fades into the history books, many of the changes brought on by the impact of the virus are likely to remain and grow in popularity due to the convenience and greater access they offer, such as employees working remotely, consumers digitally acquiring and servicing financial products and the use of mobile wallets.

Unfortunately, as managing access to identities, data and devices has increased in complexity, cybercrime has also grown. This has pushed up cybersecurity defenses that can inadvertently act as a roadblock to innovation and product development, underscoring the importance of having the right strategy to enable business transformation.

This report explores the current state of cybersecurity, the way leaders across financial services are working to protect and provide access to their data and the impact breaches have had in how organizations approach cybersecurity.

Table of Contents

  • Introduction
  • Key findings
  • About this report
  • Confidence is high in how cybersecurity is being handled
  • Cybersecurity risks are growing as data access demand and faster money usage expand
  • Future cybersecurity threats weigh heavily on leaders’ minds
  • Increased resourcing and risk insurance are the cavalry for many
  • Two-factor authentication comes to the rescue
  • Companies are just at the tipping point for proactively looking for vulnerabilities
  • Conclusions