Accenture’s 2015 Global Risk Management Study found that 65% of American bank executives believe cyber risk is going to be increasingly severe throughout 2015
The series of reports from consulting firm Accenture reaffirms the fact that risk management and cyber security in particular are becoming regular board-level topics. Regulatory requirements are one factor driving this focus, EU data protection and industry specific regulations such as PCI-DSS, SOX, BASEL-III and HIPAA are just some areas where cybersecurity is rearing its head. Banking and financial services are two sectors that are adopting a robust risk culture in light of the emerging cyber threat.
The most recent report from Accenture surveyed over 450 financial firms. The report found that over 80% are set to increase their spending on solutions relating to cyber security, risk management and fraud detection. Just under 40% believed cyber security will be an area increasingly in demand from their organisation’s risk function. It is clear that cyber security is now a board level topic, and rightly so.
It is important to note that cyber security is not just focused around technical solutions. Security architectures, risk management and business process are equally important as network firewalls or data leakage protection. A holistic approach to security using a proven security architectural framework such as SABSA can help develop a comprehensive blueprint of your organisation. Using a proven and accepted methodology will ensure your business systems, data, interactions, stakeholders and suppliers are identified, along with the relevant risks.