Financial Services Face Cybersecurity Comedy of Errors: Regulation, Ransomware, and AI Phishing Run Amok!
Compliance has emerged as both the biggest challenge and motivator for boosting cyber security maturity in financial services, reveals Bridewell’s study. Despite AI concerns and lingering supply chain attack response times, banks are upping their cyber defenses, proving it’s not just about dodging ransomware but also keeping regulators off their backs.
Hot Take:
**_It seems like the financial services sector is playing a high-stakes game of “Whac-A-Mole” with cyber threats, only to find out the moles are now AI-powered ninjas! While they are still trying to figure out which button to press for compliance, their response times to ransomware are still stuck in slow-motion. Maybe they need a faster internet connection or just a few more cups of coffee._**
Key Points:
– Compliance with cyber security regulations is the top challenge and motivator for financial institutions.
– Response times to ransomware attacks average 6.71 hours, while supply chain attacks take nearly 16 hours.
– Remote working and cloud security bring new risks to the sector, with 39% citing them as key concerns.
– AI-powered phishing attacks are the most feared emerging threat, with 89% of respondents expressing concern.
– Despite budget pressures, 63% of firms plan to increase cyber security investment next year.