Written by Harrison Folland
UK Finance has published a paper setting out how cyber transformation can help to drive growth by building digital trust. The paper sets out the key drivers behind transformation and how cyber security strategy is influenced as a result.
The report offers guidance as to how financial services firms can improve their cyber security resilience, with suggestions such as shifting mind-sets to become “cyber savvy” and adopting a cyber-secure culture and ensuring that cutting-edge compliance processes are fully embedded within firms.
Cyber security requirements can present challenges for digital transformation – however, as the number of cyber security breaches within the financial services sector increases (with potentially devastating consequences), the expectations on firms to show compliance with regulations is only going to increase. It may also present a novel way for financial services firms to gain a competitive edge in the market. Exceptional cyber security will build digital trust, both internally and externally and should be seen as a major benefit to firms.