Mary Galligan is Managing Director of Risk & Financial Advisory at Deloitte US. We had the chance to talk to her about customer friendliness versus cybersecurity and if they can be agreed.
What are the main challenges for financial institutions in terms of cyber security?
The cyber risk to financial institutions continues to become more complicated and to have significant negative impacts. To help combat these threats numerous regulatory entities are demanding more of financial institutions. While regulations can be an effective tool, the sheer number of regulations can be a significant burden for institutions’ resources and personnel.
How should financial institutions handle cyber security without giving up customer friendly services like banking apps?
Institutions should position cyber security personnel, policies and procedures as an enhancement to growth instead of an impediment. Information security should be considered at the beginning of the lifecycle of new products/tools instead of at the end where it can be regard as a roadblock.
What can governments or the European Union do to support companies managing cyber threats?
Information sharing between the private and government sectors is imperative to combating the cyber threat to our financial institutions. Establishing programs in which private entities can share cyber threat information anonymously with the government is essential given the current legal and regulatory environments for the FSI. In addition, government agencies should prioritize the sharing of cyber threat information to the private sector.