- Survey conducted at the Financial Services Information Security Network event highlights the top security concerns amongst CISOs in the financial services industry
- 50% of those investing in security governance and compliance management placed governance and reporting as their biggest priority
64% of financial services Chief Information Security Officers (CISOs) plan to invest in security governance and compliance management over the next 12 months, data from Network Group Events shows. The survey, conducted with senior FTSE 250 information security professionals at the Financial Services Information Security Network, found that half (50%) of the CISOs investing in this area saw security governance and reporting as their biggest priority. The data comes ahead of this year’s event on April 24th-25th, and the implementation of the EU General Data Protection Regulation (GDPR) in 2018.
CISOs also planned to invest in other areas of governance and compliance, with 44% planning to invest in security policies and guidelines, and a third (33%) viewing incident response plans as their priority.
Jake Summerfield, Managing Director, Network Group Events said, “CISOs in the financial services sector are clearly planning to invest heavily in governance and compliance ahead of the implementation of the EU’s GDPR next year. Financial institutions face an enormous task adapting their systems and processes to the new regulation, so it is no surprise that nearly two-thirds of the senior information security professionals attending our event saw data compliance as a top priority.
“Whilst GDPR is set to be a major challenge, CISOs are clearly not letting that draw their focus away from the many other threats they may face. A third are still investing in incident response plans, whilst the spate of recent DDOS attacks such as those targeting Tesco Bank also remains a concern.
“As we look ahead to our next Financial Services Information Security Network in April, we continue to see CISOs raise their concerns about these threats alongside the need to adapt their businesses to the incoming regulation.”