You are here: Home - News -

Financial firms must address cyber attack risks – UK Finance

by:
  • 21/05/2018
  • 0
Financial firms must address cyber attack risks – UK Finance
Financial services firms with aging IT systems are at higher risk from cyber attacks amid the adoption of digital technologies, according to a report from UK Finance.

 

The speed and scale of transformation is ushering in a new wave of business hazards, found the trade body in a joint study with consultants Parker Fitzgerald.

And firms must now consider their exposure in light of the changes to business operations.

Financial companies are expected to adopt new technology, including artificial intelligence (AI), to reduce costs.

But data protection must be at the heart of change as cyber vulnerabilities and more risks become ingrained within the business supply chain, the report warned.

 

Mind the gap

 

 

Financial firms must also close the gap between their digital aspirations and the reality of their legacy IT estates, it was added.

It comes ahead of this week’s introduction of the General Data Privacy Regulation (GDPR).

Dan Crisp, director of technology and digital at UK Finance, said: “Given today’s ever-increasing threat of cyber-attacks and data protection violations, it’s vital that the financial services sector prioritises operational resilience – just having a firewall simply doesn’t cut it.

“The speed and scale of digital transformation makes it essential for new technologies to be integrated safely within existing operating models while minimising risk.

“This isn’t a zero-sum game; these risks are not isolated to specific organisations and financial services firms can harness innovation while simultaneously tackling these new challenges, through the analysis of operating models and building new risk frameworks.

“The industry is working hard to develop technology and water-tight risk programmes, but only collaboration with policymakers and regulators, both domestic and cross-border, will facilitate success.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @Official_AMI: We raised an amazing £3,536.40 for @MytonHospices last night so a huge thank you to everyone who donated. This is the hig…
Read previous post:
Later Life Lending conference 2017, Steve Ellis
Twenty7Tec adds equity release products to Mortgage Source

Legal and General will list its lifetime mortgages on Mortgage Source, offering the first equity release comparison against standard residential...

Close