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Cyber, data, and privacy: managing risk and reward in Irish Financial Services

FinSight | Future Focus

What should financial services organisations consider when building their privacy policies and cyber security strategies?

A successful data ecosystem thrives on the fact that both the organisation and the customer understand how their data is collected, stored and used. Since the introduction of GDPR five years ago, the focus has shifted from purely compliance to a second line of defence – a more operationally effective privacy programme, privacy by design.

However, as advances in technology allows for rich, personal data sets to be developed, financial services organisations ultimately take on bigger risk in terms of protecting people’s data. Therefore, a robust cyber security strategy is critical in the fight against the cyber threat landscape targeting the financial services sector.

In this edition of our FinSight | Future Focus video series, Vaibhav Malik, Partner – Risk Advisory, Nicola Flannery, Director – Risk Advisory, and Noel Comerford, Director – Risk Advisory, explore key themes and trends in the world of data privacy in the financial services sector, how to build a successful cyber strategy, and how financial institutions are dealing with the cyber threat landscape.

Our video was filmed in March 2023.

Key takeaways from the discussion:

The privacy opportunity
We’re seeing that organisations are becoming laser-focused on ensuring that privacy becomes part of their brand enhancer.
Cyber targets
One in five cyber criminals or cyber underground threat actors are actually targeting the financial industry.
Cyber resilience
Think like an attacker: understand your threat landscape, perform threat modelling, test your defence and upgrade your strategy.
Collaboration across cyber teams, risk teams and business teams is essential to neutralising the impact of a potential cyber-attack.

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