e2e-assure’s recent study* shows there is a genuine cause for concern for the financial services industry, as nearly half (44%) of organisations in the sector believe their current set-up is underperforming, making it one of the highest underperforming industries when compared to healthcare, professional services, and manufacturing.

Given its access to sensitive information, the industry will always be highly vulnerable to cyber attacks. A strong relationship with providers is integral to cyber resilience, especially for fast-moving financial services organisations that rely on technology such as online banking, apps, and electronic trading systems.

When an incident or breach occurs, collaborating with providers can enhance an organisation’s response capabilities, offering rapid assistance and plugging gaps that could be missed by an in-house team working alone.

As an industry that has been under threat from cyber attacks for a long time, many Financial Services organisations will have access to the cutting edge of technology and, therefore, stronger internal cyber security postures than organisations operating in other sectors. Providers need to be offering genuine value if these well- prepared Financial Services organisations are going to keep operations with them rather than move security in-house.

At e2e-assure, we have been working with Financial Services firms to shore up their cyber defences for the past ten years and are repeatedly called upon to help in the aftermath of an attack. But we need to consider the provider’s role before an attack to prevent it completely. Particularly those that are using legacy technology, which is more difficult to protect.

So, how are providers failing Financial Services organisations? And what questions should the industry be asking of their providers, to drive better resilience for an industry forever vulnerable?

Download the full report here: https://eu1.hubs.ly/H0b80sf0