Although the financial services industry continues to focus on transforming operations for the mobile era, with over 63 percent of companies undergoing a major Information Technology (IT) transformation, the alarming rise in malicious IT attacks has amplified the focus on cybersecurity. Sensitive financial information is among the most valuable and abundant cyber data there is, which explains why crafty and dangerous cyber predators worldwide are constantly threatening security vulnerabilities.
In our recent Executive Perspectives on Top Risks for 2015 study, board members and C-suite executives identified cybersecurity as one of the top risks their organizations must address. In this report, we detail the key findings of our study. In addition to beefed up security, the financial services industry IT leaders we surveyed cited an increased and competing number of IT priorities they are juggling, including regulatory and compliance issues, big data planning, and standards and framework governance. Our survey includes special sections addressing IT transformation as well as IT knowledge within the financial services industry. Another notable area of focus is enterprise architecture, which is of particular importance because it underpins many of the top concerns and acts as the blueprint for everything financial IT hopes to accomplish. In other words, it’s tantamount to the architectural engineering of a bridge or building.
More than 1,000 respondents in our survey, primarily CIOs and IT directors, share this outlook and are consequently dedicating more IT hours, resources and mindshare to defending against cyber predator attacks this year. Areas of focus include virus/malware threat detection and eradication, security event monitoring, and incident response, containment, and recovery. Security and privacy are no longer just “significant priorities” for financial services firms; they’re the concern this year.