In an era marked by evolving cyber threats and stringent regulatory requirements, financial institutions face a daunting challenge in maintaining robust cybersecurity postures. Amidst talent shortages and escalating complexities, effective risk management becomes paramount. This blog delves into the strategies employed by these institutions to mitigate exposure, emphasizing the significance of cyber insurance in bolstering their resilience.
Here is the verbatim discussion:
you have observed but more importantly what are some of the tactics you're implementing to provide continuous Assurance of your cyber posture and Dave you know speaking of risk mitigation cyber insurance is another strategy many FIS leverage with mitigating risk is cyber Insurance really that important given what bicash just talked about and how does it best serve a organization well I'll play on bat's uh analogy sometimes you need many fingers to Point At The Moon And so in this case this would be one of to this today's webinar C platform is world's first online community it's Solly dedicated by information senior security Executives like ceso CIO csos cdos directors more with 40,000 class professionals glob and 5,000 Plus members today's session is on for financial ins he can we just check maybe we'll restart that quick because I think need to go on mute to some of the attendees or some of the other areas I didn't quite get you did oh no it's okay just there was some background noise maybe if you can repeat ah okay sure thank you I'll just restart again thank thank you so much uh hello everyone I welcome you on behalf of ceso platform ceso platform is the world's first online community solely dedicated for information senior security Executives cesos cios csos cdos directors and more with 40,000 plus professionals globally and 5,000 Plus members do join us if you're one of them today's session is on exposure management for financial institutions to overcome resource limitations and Regulatory reporting our speakers today are Dave Loi and this session will be moderated by nashen Le partner at CIO program strategy nine has been in the technology industry and to the audience what are your observations on this Talent topic and do the resource challenges resonate with you and how are you addressing it and do share and use the chat window to um to sh to voice your your opinion as well and let's move on to the next question which is very exciting so given all the challenges that we've discussed what are some of the more effective strategies for managing exposure in the face of talent shortage and increasingly complex regulatory demands uh bash your your view on this sure sure um so there are a couple of things which I would like to maintain uh or I'd like to talk about today but there are many other things which needs to be done but these are like two things which are more.
Highlights:
Continuous Assurance: Financial institutions employ tactics such as regular risk assessments, vulnerability scanning, and penetration testing to ensure ongoing vigilance over their cyber posture. By leveraging automated tools and robust frameworks, they strive for comprehensive threat visibility.
Cyber Insurance: Despite debates surrounding its efficacy, cyber insurance emerges as a critical risk mitigation strategy. By providing financial protection against data breaches, ransomware attacks, and other cyber incidents, it serves as a vital component of an organization's risk management arsenal.
Talent Shortage and Regulatory Compliance: Resource limitations and complex regulatory mandates pose formidable challenges for financial institutions. To navigate these hurdles, they adopt innovative approaches, including talent development initiatives, strategic partnerships, and outsourcing arrangements, to augment their cybersecurity capabilities.
Exposure Management Strategies: In the face of talent shortages and regulatory demands, financial institutions prioritize proactive exposure management. This entails robust incident response plans, comprehensive data protection measures, and strategic investments in emerging technologies such as AI and machine learning.
Collaboration and Knowledge Sharing: Recognizing the collective nature of cyber threats, financial institutions actively participate in industry forums, such as the CISO platform, to exchange insights, best practices, and threat intelligence. This collaborative approach fosters a culture of resilience and adaptability across the sector.
In the dynamic landscape of cybersecurity, financial institutions must adopt a multi-faceted approach to manage exposure effectively. By embracing continuous assurance measures, leveraging cyber insurance, and addressing talent shortages through innovative strategies, they can fortify their defenses against evolving threats. Moreover, fostering collaboration and knowledge sharing within the industry reinforces their ability to adapt to emerging challenges and safeguard the integrity of global financial systems.
Speakers:
Bikash Barai is credited for several innovations in the domain of Network Security and Anti-Spam Technologies and has multiple patents in USPTO. Fortune recognized Bikash among India’s Top 40 Business Leaders under the age of 40 (Fortune 40-under-40).Bikash is also an active speaker and has spoken at various forums like TiE, RSA Conference USA, TEDx etc.Earlier he founded iViZ an IDG Ventures-backed company that was later acquired by Cigital and now Synopsys. iViZ was the first company in the world to take Ethical Hacking (or Penetration Testing) to
the cloud.
https://twitter.com/bikashbarai1
https://www.linkedin.com/in/bikashbarai/
Ms. Nasheen Liu strong reputation in the Technology community is built upon her proven track record as a leader who practices what she preaches. Results driven, focused, determined and creative, Ms. Liu approaches business management with integrity, sound common-sense principles and unconventional strategy. Ms. Liu’s expertise in technology marketing, C-suite conversations and executive branding in the digital age makes her a well-rounded knowledge expert, a skilled listener and an excellent communicator.
https://ca.linkedin.com/in/nasheenliu
https://twitter.com/CsuiteDialogue
Dave Lawy, based in Toronto, ON, CA, is currently a Managing Director at Quantum Smart Technologies, bringing experience from previous roles at Harvard Business Review and Gartner Research Board. Dave Lawy holds a McGill University. Dave Lawy has 6 emails and 1 mobile phone number on RocketReach.
https://ca.linkedin.com/in/davidlawy
Pritha Aash, managing parts of content strategy and marketing in a startup called FireCompass. The team has built things first time in the world and i'm overexcited to be part of it. I decided to share some of it and more. I'm an Information Technology Engineer. Prior to that I did my schooling from Sri Aurobindo, Loreto House, Loreto Convent Entally, Kolkata. I like to volunteer in interest groups, communities to help the world we live in be a better place. Currently volunteer at WWF, Khan Academy, SaveTrees.
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