How Are Financial Firm Boards Handling Cybersecurity?

With a large digital shift impacting the financial sector along with the ongoing pandemic, financial firms have had to change the way they tackle cybersecurity. This has resulted in firms creating specialized boards to focus on handling cyberthreats against the organizations. McKinsey recently surveyed financial service firms to understand how their boards view and understand cybersecurity risks within their company.
The survey focused on three areas, oversight, structure, and awareness and understanding to gain more insight into the firms operation methods. In terms of oversight, they found that firms are now dedicating more time to covering cyberrisks with briefings being held a few times each year. They believe that these briefings allow top executives to have a greater understanding of the firm’s cyberrisks and how they relate to financial security. The structure of handling cyberrisks has also improved with risk and audit committees being formed in more and more firms. These committees primarily deal with cyberrisks and brief other teams about their threats. Finally, as firms are seeing an increase in awareness and understanding, they have been warned not to get too caught up in a large number of metrics.
Overall, financial firms are seeing more advanced cybersecurity boards as a result of an increase in cyberthreats. As these boards begin to form, it’s important that they’re equipped with the proper tools, knowledge, and skills to successfully deflect cyberthreats.
See how the Agile1 Machine Learning + User Behavior Analytics SOC-as-a-Service can keep you safe from a breach, schedule a demo.
Learn more here.

Written by Gillian Sweny

Gillian is Director of Marketing at AgileBlue with over 13 years of experience in the marketing industry. Gillian resides in Cleveland, OH with her husband and 3-year-old son.

November 12, 2020

You May Also Like…

Request a Demo

AgileBlue is a software company with an innovative SOC-as-a-Service for 24X7 network monitoring, cloud security, data privacy and compliance.

Our modern SOC-as-a-Service is built on innovative machine learning and autonomous execution. If you would like to discuss our SOC-as-a-Service, Partner Program or schedule a brief demo please give us a little info and we will contact you immediately.