The Bank of England recently conducted a survey among UK financial sector executives, with an alarming 74% indicating that a cyber-attack is the top risk in both the short and long term, followed closely by inflation or geopolitical incidents. This highlights the importance of financial services companies strengthening their online defenses.
Identity is a crucial factor in the outcome of a cyber-attack, with 84% of all IT security incidents being attributed to compromised identities. Cyber criminals are becoming increasingly skilled at stealing credentials, conducting social engineering attacks, and exploiting poor identity security within organizations.
The shift to remote work due to the pandemic has made it harder to monitor the enterprise security perimeter, but the office is also vulnerable. To eliminate these risks, companies need to implement effective cyber security measures, such as AI-driven identity security, which provides employees with only the necessary access to perform their roles and responsibilities. AI can augment human expertise by using algorithms to support security analysts, identity management professionals, and incident responders, enabling organizations to achieve cost benefits, operational efficiency, and adapt quickly to the evolving threat landscape.
With the exponential growth of identity data generated by different users and systems, including automated robotic processes, financial organizations must ensure that their identity security programs are comprehensive and take all identity types into account, from employees to contractors, partners, and software bots. AI can provide better visibility and insight into the risks associated with user access, automate and streamline identity processes, and drive greater efficiencies across the organization.
Financial services companies need to invest in technology measures to protect their data, with identity security being a crucial measure. By adopting a people-first approach to technology investment, financial services companies can elevate their defense strategies and be prepared for the cyber criminals of the future.