Enhancing Security & Privacy in Financial Services Firms

Protiviti Point of View

Enhancing Security & Privacy in Financial Services Firms

Global cybersecurity risk has never been higher, yet its magnitude is almost certain to intensify in the months and years to come. Cybercriminal activity against global companies surged in the past year, with financial institutions continuing to be targeted for their high-value information. This makes cybersecurity a critical organisational priority and a top concern in the boardroom, C-suite and information technology function and in every area of the business for financial services firms.

It is imperative that boards of directors and executive leaders keep close attention on the state of their company’s cybersecurity programs. Protiviti’s 2017 Security and Privacy Survey delivers insights on the specific policies and qualities that distinguish top-performing companies from other organisations with regard to security and privacy practises. Although the responses from financial services respondents did not differ widely from the general survey, there are important nuances.

Four Protiviti experts: managing director, Adam Hamm, former president of the National Association of Insurance Commissioners (NAIC) and former chairman of its Cybersecurity Task Force; Ed Page, leader of Protiviti’s financial services industry technology consulting practise; Scott Laliberte, global leader of Protiviti’s security and privacy solutions; and Andrew Retrum, managing director in Protiviti’s financial services industry technology consulting practise, debate the financial services results from our latest Security and Privacy Survey.

The results show cause for optimism but highlight consistent and growing concerns. Positive signs are particularly evident in financial services companies where the board of directors is highly engaged in information security matters and management has a robust set of key information security policies in place.