In this report – FI Takeaways from the 2021/2022 Digital Transformation and Cloud Survey – we provide you with an overview of the responses from financial institutions (FI), together with our insights from almost a decade’s experience of surveying the marketplace and thought leadership in digital transformation and cloud.
As predicted in our Connect on Tech discussion in March, the U.S. Securities and Exchange Commission (“SEC”) is ramping up its examination and enforcement focus on cybersecurity at financial institutions, including scrutiny on actual implementation and deployment of published procedures in response to discovery of cyber breach incidents. Furthermore, the SEC appears to signal its expectation that multi-factor authentication (“MFA”) for email accounts containing sensitive client and customer information should be in place.
The draft reflects the regional sentiment that greater cyber defenses are in order.
Financial data is one of the most attractive data sets for hackers, so financial institutions are at a high risk of being attacked.
The paper sets out the areas where the EBA see potential regulatory risks arising from FinTechs and where future work should be focused.