Services
Cyber Security
Data and Cybersecurity to Fight off Cyberattacks
Highlights
- Cybersecurity is not just an IT issue; it needs a holistic approach with an integrated cybersecurity risk management strategy involving the resources and activities of the entire organisation.
- A solid and auditable approach to financial transaction safeguarding will provide a commercial and tangible benefit to clients and customers.
- Being seen as a leader in implementing exemplary cybersecurity practices can dramatically enhance a business’s brand reputation.
On this page
Why cybersecurity
From protecting sensitive information to safeguarding financial transactions, good cybersecurity practices can have a profound impact on a financial institution’s underlying success and overall well-being, providing an edge against competitors.
In the latest Big Questions blog, Andy Taylor, Consulting Partner, Risk and Cybersecurity, TCS, explores some of the key business benefits of having a strong integrated cybersecurity risk management strategy. A new approach to address cybersecurity is needed. Viewing cyber risk as an information technology issue falls short. What is required is an integrated cybersecurity risk management strategy involving the resources and activities of the entire organisation.
Beyond awareness, everyone has an active role, including business executives, risk, compliance and audit professionals, operational teams, legal and others.
Key benefits of having a robust cybersecurity strategy
Protecting sensitive information is one of the most significant benefits of an integrated cybersecurity risk management strategy.
This includes confidential business information, such as trade secrets and financial records, as well as sensitive personal information, such as customer data or employee personal records.
By implementing strong security measures and regularly reviewing and updating them, businesses can reduce the risk of data breaches and keep sensitive information secure. Considering the recent personal data breaches in Australia and the financial and reputational damage they have caused, providing customers with the confidence that their data is protected to the best of your organisation’s ability is invaluable.
With an increasing number of businesses conducting financial transactions online, the risk of cyber-attacks such as credential theft has dramatically increased. An integrated cybersecurity risk management strategy, secure payment methods, and fraud and financial crime detection methods and processes will help prevent unauthorised access to financial information and protect against fraudulent transactions from within an organisation and on behalf of clients. A solid and auditable approach to financial transaction safeguarding will provide a commercial and tangible benefit to clients and customers.
Being seen as a leader in implementing exemplary cybersecurity practices can dramatically enhance a business’s brand reputation. Customers and clients are no longer willing to risk their business reputations by partnering with organisations that do not take their cyber risks seriously.
Enhancing brand reputation
A successful cyber-attack or data breach can have severe consequences for a business’s reputation, including significant negative publicity and an erosion of customer trust, resulting in inevitable extreme short- and long-term financial consequences.
Being seen as a leader in implementing exemplary cybersecurity practices can dramatically enhance a business’s brand reputation. Customers and clients are no longer willing to risk their business reputations by partnering with organisations that do not take their cyber risks seriously.
Good cybersecurity practices can also improve a business’s ability to continue operations during a cyber-attack or data breach. By implementing and testing business continuity and disaster recovery plans, companies can minimise the impact of a security incident and ensure that they can resume operations quickly.
Forging a path forward together
Trust is the foundation of financial services and maintaining that trust has never been more challenging.
Financial institutions are transforming with new digital channels, automation, and other advanced technologies, introducing real benefits and unknown risks. In response, regulators are heavily focused on systemic cyber risk and the contagion across firms and third parties. Regulators also expect financial institutions to enhance privacy protections for customers, who demand their confidential information to be well protected across digitally accessible products and services.
Good cybersecurity practices are essential for modern businesses. Customers and clients place their trust in a company to “do the right thing”, and anything less is no longer acceptable. Delivering this trusted relationship engenders loyalty to you as a supplier and improves the longevity of a valued relationship. Excellent cybersecurity should never be seen as a cost to a business. However, it should be seen as a key differentiator between you and your competition.
