How to elevate cyber security for financial services companies

The rapid advancement in technology is posing new security challenges in the financial services sector. Data security and privacy, alongside managing digital identities, are key concerns amid increasing demands for personalised experiences. The growing complexity of cyber threats has led to direct losses of $12bn over two decades, with system intrusions, social engineering, miscellaneous errors, stolen credentials and supply chain vulnerabilities being common threats. Automated incident detection and response systems, advanced AI and strengthened credential security are crucial defences against such threats.