In both the US and Canada, financial institutions face heightened regulatory demands, with regulators emphasizing the need for standardized cybersecurity practices and enhanced digital resilience. This blog explores the evolving regulatory landscape and the key expectations outlined by regulators to ensure cybersecurity maturity across the financial sector.
Here is the verbatim discussion:
now Gentlemen let's dive in in both the US and Canada The Regulators are really stepping up and demanding a higher level of sophistication and cyber security maturity from financial institutions so my first question is to you um if you could Dave if you could uh kick it off for us here how are the regulatory demands changing and at a high level what are The Regulators asking for well that's a great question nen uh what we're seeing is more standardization so across the board US and Canada they've stepped up their game similar to many companies where they had to enhance their digital footprint so does The Regulators have to make sure that those digital Footprints are standardized so there's less tolerance for Poe hygiene uh there are better questions better uh maturity matrixes that are going out to evaluate the environments and to make sure that they here to proper standards so that's that's something that's that's uh really helped uh helped provide direction for financial institutions across like very very frequently that's something which is super important another very interesting story this is from my kind of um school days during the school days I remember like um every time Patch Tuesday was out there some new patches came up there was a group of hackers uh who used to immediately go and uh reverse engineer that find out which are the vulnerabilities which has been patched then go and try to write an exploit for that and the goal was going and how quickly can somebody own the university Network so those days it was more like people were doing things at the University Centric manner but fast forward if you look at today I mean the same thing is happening but that is being done by the Bad actors and they're doing it on the entire internet the moment something new comes up they are trying to kind of exploit the entire internet so here is the second kind of realization the first was like we don't know our attack surface we don't
Highlights:
Standardization and Compliance: Regulators in the US and Canada are prioritizing standardization in cybersecurity practices, leaving little room for poor hygiene. Financial institutions are expected to comply with established standards and frameworks, demonstrating a commitment to robust cybersecurity measures.
Enhanced Maturity Assessment: Regulatory bodies are employing more sophisticated maturity matrices to evaluate the cybersecurity posture of financial institutions. These assessments go beyond surface-level evaluations, delving into the intricacies of cybersecurity programs to ensure adherence to industry best practices.
Patch Management and Vulnerability Response: The evolution of cyber threats necessitates proactive patch management and vulnerability response strategies. Regulators emphasize the importance of timely patching and proactive vulnerability assessments to mitigate the risk of exploitation by malicious actors.
Continuous Monitoring and Incident Response: Financial institutions are expected to implement continuous monitoring mechanisms to identify and respond to cyber threats in real-time. Regulators stress the importance of robust incident response plans, ensuring swift and effective responses to security incidents to minimize their impact.
Shift in Threat Landscape: The emergence of sophisticated cyber threats, coupled with the increasing prevalence of exploit automation, underscores the need for heightened vigilance. Regulators urge financial institutions to stay abreast of evolving threat landscapes and adopt proactive measures to protect their digital assets.
As regulatory demands for cybersecurity maturity intensify in the US and Canada, financial institutions must prioritize standardized practices, compliance with established frameworks, and robust cybersecurity measures. By enhancing patch management, vulnerability response, continuous monitoring, and incident response capabilities, organizations can navigate the evolving threat landscape effectively. Moreover, a proactive approach to cybersecurity, informed by a deep understanding of emerging threats, is essential to safeguarding the integrity of financial systems and maintaining regulatory compliance. Through collaboration with regulatory bodies and industry peers, financial institutions can strengthen their cybersecurity posture and uphold the trust of stakeholders in an increasingly digital world.
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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