In Pursuit of Harmonization
Historically and to this day, the financial services sector has been a leader in cybersecurity. As the adage goes: why do people rob banks? That's where the money is. As a result, the financial services sector pioneered the idea of a Chief Information Security Officer and to this day is a leader in cybersecurity as well as one of the most heavily regulated industries as it relates to cybersecurity and risk management.
Over the years, as countries and regions began to increase regulation to ensure that their economy was protected, financial services organizations were barraged with a slew of regulations that they had and still have to meet to ensure they can operate in the markets they serve.
The result is time spent (arguably wasted) on meeting compliance with frameworks that are all relatively similar in nature. This redoubling of efforts has seen financial service risk and compliance teams overburdened working to meet compliance rather than focusing on mitigating the risks unique to their organization.
We will be diving into the most common frameworks and how financial services organizations can work to harmonize these frameworks, increase efficiency, and focus on the risks that matter.