Navigating Cyber Resiliency in Financial Services Key Considerations for 2025

Author

Steve Blanche, CTO

As we head into 2025, it’s important for financial services organisations to focus on cyber resiliency to keep up with the ever-changing regulatory landscape. With new rules like the Digital Operational Resiliency Act (DORA) kicking in from January, financial institutions need to step up their game and ensure they’re compliant. Some key areas to focus on:

Embrace regulatory frameworks for simplified operations

Regulatory frameworks like the NIST Cybersecurity Framework (NIST CSF) and ISO 27001 offer clear guidelines to help financial institutions streamline operations and manage risks effectively. DORA, for instance, highlights the need for operational resilience, requiring financial institutions to adopt strong cybersecurity measures to ensure the continuity of critical services. By aligning with these established and proven frameworks, financial institutions can simplify decision-making and boost their ability to tackle emerging risks. More and more we are being asked to help customers align with regulatory frameworks and enhance operational resilience.

To learn more about how to get ready for Dora, download our ‘Get ready for DORA’ e-book.

Leverage cloud technologies for operational resiliency

Cloud adoption, including private, hybrid and public cloud, is a key part of operational resiliency. Financial institutions are increasingly turning to cloud solutions to improve disaster recovery and business continuity. While single-cloud environments are easier to manage, multi-cloud strategies are becoming popular to avoid vendor lock-in and enhance data sovereignty. It’s crucial for financial institutions to address challenges like misconfigurations, integration complexities, and cost management to fully benefit from cloud technologies.

Address top concerns in cloud security

Financial institutions must prioritise secure management of customer data within cloud environments, ensuring a balanced approach to security, privacy, and regulatory compliance. Key concerns include misconfigurations, identity and access management (IAM), and data breach prevention. Implementing robust cloud security strategies, conducting regular policy reviews, and enhancing threat intelligence and risk mitigation efforts are essential steps to ensuring business resilience and operational security.

Mitigate risks associated with AI

AI is a game changer and offers significant benefits for automating tasks and enhancing decision-making, but also introduces new risks. Data privacy and integrity are top concerns, as AI-generated content can be misused for cyber-attacks or introduce biases and inaccuracies. Financial institutions need to establish strong governance frameworks to manage risks and comply with regulatory standards, including the EU AI regulations, which mandate that AI systems used within the EU, must be safe, transparent, traceable, and non-discriminatory. AI systems should be monitored by humans rather than automated processes to avoid negative outcomes.

Understand regional differences and tailor strategies accordingly

Regional regulations and operational challenges vary significantly. For instance, North America faces significant cloud data resiliency issues while here in Europe, we as consumers, will benefit from the more stringent regulations like GDPR, DORA, and NIS2. Financial institutions operating across global markets however, will need to tailor their strategies to address these regional differences.

Enhance policy review and testing practices

Regular policy reviews and cyber resilience testing are essential for achieving and maintaining regulatory compliance and addressing evolving cybersecurity threats. Continuous auditing and more frequent testing cycles will be required to enhance transparency and ensure the effectiveness of their cyber security measures and incident response processes. A proactive approach helps organisations stay ahead of emerging risks and maintain a high level of confidence in their operational resilience.

Conclusion

As the financial industry continues to evolve, staying ahead of regulatory requirements and emerging threats is crucial. By embracing regulatory frameworks, leveraging cloud technologies, addressing top security concerns, mitigating AI risks, understanding regional differences, and enhancing policy review practices, financial services organisations can strengthen their cyber resiliency and navigate the complexities of the coming year with confidence.

Ready to strengthen your cyber resilience?

Contact us today to get expert guidance and support tailored to your organisation. Let’s navigate the complexities of cybersecurity together and ensure your compliance with the latest regulations.

Category : Blogs

Author : Steve Blanche, CTO

Posted : 08.01.2025

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