Regulatory change, emerging technology and the move towards digital services are all already disrupting traditional business models. Yet these changes also offer new revenue streams and potential for growth for organisations.
To capitalise on these changes, Financial Services organisations must understand and respond to the associated technological, security and compliance risks.
Based on our experience as a security partner to the industry, we recommend that organisations focus on the following:
Impact of regulatory non-compliance
Emerging regulation, such as the General Data Protection Regulation (GDPR), come with significant costs for failure built in. Compliance should be a top priority. We can help reduce your compliance burden and support you in meeting emerging regulatory obligations including, but not limited to: GDPR Services, SWIFT Customer Security Programme and Open Banking Transformation.
Increased risks of cyber-attack
The Financial Services sector represents a highly rewarding opportunity for cyber attackers. Recent events such as the theft of $81 million from the Bangladesh Bank in 2016 demonstrate the increased complexity and sophistication of attacks. We provide a wide range of cyber security and risk management services to enable you to effectively defend your business.
Higher likelihood and impact of data loss events
At a time when privacy regulations are demanding stricter data management practices data theft incidents continue to be a problem, with organisations struggling to recover following a loss. We can help you protect your critical information assets through a wide range of security consulting services focused on data protection and a mature Managed Security Services (MSS) capability.
Critical information infrastructure breakdown
Unreliable or vulnerable infrastructure is an issue not only for legacy platforms, but also emerging technology solutions where scalability and security are vital. We provide a comprehensive set of digital transformation services that can help accelerate your digital journey and transform your legacy infrastructure.
Third party risks
Systemic risks via supply chains are ever more important in the context of a connected Financial Services ecosystem. Our Supply Chain Optimisation and assurance services can help you effectively manage and protect your supply chain, providing you with the confidence you require to operate in today’s highly connected environment.
In a high profile industry, the risk of insider threat is heightened requiring organisations to protect themselves not only from external threats but also from those within the company itself. We combine insider threat capability, managed detection, behavioural analytics and predictive modelling to help you effectively manage your insider threat for specific fraud scenarios as well as across the enterprise.
BAE Systems has a longstanding presence within the Financial Services industry and provides a comprehensive range of services to help our clients manage and identify their risks:
- Comprehensive compliance services supporting Financial Services organisations’ regulatory obligations in response to emerging regulations including PSD2, Open Banking and GDPR.
- Mature cyber security services to help organisations understand their existing risk
- landscape, refine their cyber security capability and protect themselves from evolving cyber threats.
- Industry leading threat intelligence that provides actionable insights for informed decision making and a fast response to emerging threats.
- End-to-end security operations capabilities evolved to defend the networks, data and devices of governments for over 40 years . We can bring that scale, knowledge and capability to your defence.
- Comprehensive enterprise architecture and engineering services to support organisations in the evaluation, design and implementation of robust, scalable and resilient architecture solutions, integrating with legacy estates or supporting legacy rationalisation activities.
- Mature data privacy services to help our customers build robust privacy target operating models and compliant data management practices under emerging regulatory requirements, most recently GDPR.