"The loss of personal information, particularly where there is the potential for financial fraud, is not only upsetting to customers, it undermines consumer trust in digital commerce.”
This was the warning from Elizabeth Denham, the UK’s Information Commissioner, issued following the Equifax cybersecurity breach. The credit reference agency was fined the maximum amount of half a million pounds in September 2018, for failing to protect the personal information of up to 15 million UK citizens during a cyberattack. It’s a reminder – if any were needed – of the impact and consequences of a serious breach.
The breach occurred despite cybersecurity being the top business priority in the sector for the second year running, according to EY’s 2019 Banking Barometer survey. In response to internal and external threats, banks are investing heavily in technologies such as artificial intelligence (AI) and advanced analytics. Technology is unquestionably a crucial weapon in tackling the cybersecurity threat, but it can’t be the only defence.
Leveraging people in addition to your investment in technology is a key success factor in helping to combat threats. Indeed, in the Equifax breach both “human error and technology failures” were cited.
The truth is, managing the evolving risks around cyber and data security requires investment in technology and people. Every single financial services employee has a role to play, and businesses can support their knowledge and skills in cybersecurity with appropriate training.