Financial services organizations seek to balance security with convenience to reach today’s digitally-savvy customers.
Digitalization complicates the financial services sphere. Consumers want personalized transactions, but they also value privacy. New cyber security risks, regulations like the EU’s General Data Protection Regulation and Opening Banking, and third-party relations challenge an organization’s ability to earn their customers’ trust. With a robust approach to cyber security functions, financial services organizations can protect their consumers’ data, gain or further customer trust, and ultimately achieve business growth.
Keeping pace in today’s digital world
With financial services players struggling to keep pace with digital transformation, they also fail to be agile in a world driven by new apps and constant updates. The creation of Chief Information Security Officer (CISO) and Chief Risk Officer (CRO) positions gives organizations the ability to maintain security and agility while addressing emerging cyber threats.
The CISO and CRO assist one another in protecting the organization and its data. The CRO takes a holistic view of the business and frames risk toleration in commercial terms to increase the speed at which decisions are made. Concurrently, the CISO focuses on protecting the perimeter and adopting the tools and technology approved by the business and risk.
Other ways to increase agility and accelerate decision-making include embracing emerging technologies, like the cloud, and optimizing third-party approval processes.
Differentiating yourself in the market
In a sector built on customer experiences delivered through brick-and-mortar retail outlets and face-to-face or telephone interactions, financial services organizations must find a new way to differentiate themselves during digital disruption. Customer trust is the key. By building trust through strong data security plans—including new roles, technologies and processes—an agile and responsive organization can manage cyber risks and propel business growth.