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In today’s digital world, CIOs hold one of the most critical executive roles in the enterprise, protecting their business at all costs and ensuring it remains viable for years to come. They continue to encounter some of the most significant challenges as they steer their organisations safely through unchartered waters. With cybersecurity threats evolving at an alarming rate, traditional defences like firewalls no longer alone protect organisations from sophisticated cyberattacks. The responsibility falls on the shoulders of the modern CIOs to equip themselves with a broader range of targeted strategies to effectively prepare for emerging threats.
According to a recent International Monetary Fund’s (IMF) report, the risk of serious systemic losses from cyber incidents is rising, potentially causing financial issues for companies and even jeopardising their solvency. Further, the indirect costs associated with cyber incidents—such as reputational damage and necessary security upgrades—can be catastrophic.
The financial services sector disproportionately bears the brunt of cyberattacks. Research by the IMF states that it has been battered globally by 20,000 cyberattacks causing $12 billion in losses over the past 20 years. Recently, Australia’s financial industry has faced several significant cybersecurity incidents that highlight the increasing risks and challenges within the industry.
In 2022, the National Australia Bank revealed it experienced 50 million cyber attacks a month. Another financial services business, Latitude, suffered a data breach impacting over 14 million customers across Australia and New Zealand last year.
These incidents highlight how the financial sector has emerged as one of the most targeted industries by cybercriminals, attracted to the highly sensitive nature of banking data. It’s not only the data they want – malicious actors also seek to exploit weaknesses in emerging technologies like cloud computing and artificial intelligence (AI).
CIOs must integrate cybersecurity strategies across the enterprise
While the complexities of cybersecurity continue to grow as organisations embrace digital transformation, CIOs must balance introducing emerging technologies like AI with the vulnerabilities these technologies present with sound strategies that reduce their cyber risks.
So, how can organisations manage this moving forward into the new year? Here we explore our top five cybersecurity strategies to help CIOs safeguard their organisations, strengthening their resilience to emerging threats.
1. Implement a zero-trust framework
The financial services sector is already moving quickly towards implementing “never trust, always verify” zero-trust frameworks. Defined as a security approach that requires all users—whether they are inside or outside the organisation—to be verified before they can access applications and data, zero-trust requires that everyone must be authenticated, authorised, and continuously checked for security status.
Unlike traditional security models that assume a secure network perimeter, zero-trust operates on the idea that threats can come from anywhere, whether in the cloud, on local networks, or from remote workers.
Recently, ANZ’s Chief Information Security Officer, Dr. Maria Milosavljevic, revealed that the bank has implemented a zero-trust framework that is focused on stronger authentication and network and security controls, better network segmentation and isolation of threats, and data-driven protection.
2. Identity and Access Management is gaining prominence
Identity and Access Management (IAM) is a crucial component of cybersecurity that involves the policies and technologies used to ensure that the right individuals have appropriate access to technology resources.
By managing user identities, authenticating their credentials, and controlling their access to sensitive data, IAM helps protect organisations from data breaches. Gartner states that, as of 2023, IAM is the second most popular topic of discussion among security and risk management (SRM) leaders who use their in-house client inquiry service.
3. Use AI-powered threat detection
AI plays a vital role in cybersecurity by managing a wide range of threats and automating effective responses to incidents. While AI-driven threat detection is powerful, cybercriminals continuously adapt their strategies, using advanced techniques like polymorphic malware, zero-day exploits, and AI-enhanced phishing attacks.
To fight back, AI detection focuses on identifying complex attack methods that are often hard to spot, including risks from IoT devices, cloud services, and mobile platforms.
4. Behavioural analytics offer promise, but false positives could occur
Behavioural analytics involves monitoring user behaviour to identify anomalies that may signify a security threat. By establishing a baseline of normal behaviour, organisations can identify anomalies and deviations from normal patterns that indicate a breach.
To effectively manage false positives and negatives, security teams should continuously refine their detection algorithms and establish baseline behaviours, ensuring that legitimate activities are not mistakenly flagged while reducing the chances of missing actual threats.
5. Modern Data Platforms can strengthen cybersecurity
Modern Data Platforms (MDPs) can change the way organisations approach cybersecurity by integrating advanced security features and robust data governance practices. With comprehensive encryption, authentication, and centralised data governance, MDPs protect sensitive information from unauthorised access and breaches.
Their real-time data processing capabilities enable organisations to detect and respond to potential threats swiftly, while automated security management tools ensure consistent application of security protocols.
Collaborating with the right MSP can boost a company’s cybersecurity defences
For CIOs looking to strengthen their cybersecurity posture, action must be taken to implement these cutting-edge strategies. Forward-thinking CIOs understand that partnering with reliable IT-managed service providers (MSPs) offers strategic benefits.
By collaborating with a trusted strategic IT partner, they can enhance their cybersecurity defences, identify vulnerabilities, reduce IT expenditure, and address skill gaps, bolstering long-term resilience.
In a time of tech talent shortages and an increasingly perilous cybersecurity landscape, a trusted IT-managed services partner becomes a crucial ally. For more information about our customised cyber solutions, visit us to learn more about how we can assist you with your cybersecurity planning and requirements.
