Site Logo

How the financial sector can win the cyber war

It’s no secret that cybersecurity has a significant skills shortage. Research from Swimlane shows that 82 per cent of organisations take three months or longer to fill a cybersecurity role, with 34 per cent reporting it takes seven months or more.

The situation isn’t improving either. Some 70 per cent of companies also report that it takes longer to fill a cybersecurity role now than it did two years ago. The challenge has led one-third (33%) of organisations to believe they will never have a fully staffed security team with the proper skills.

These shortages and high turnover rates have hit the financial sector particularly hard. Seventy-eight per cent of respondents to the Swimlane survey who work in the financial services sector said security team turnover presents a risk to their organisation. According to Nick Tausek, Lead Security Automation Architect, Swimlane, this challenge places an immense burden on security operations teams where persistent security events, network outages, and application downtime are placing a hefty financial and reputational toll on the business.

As the struggle to hire and retain talent continues, financial organisations must evaluate the effectiveness of their tools to mitigate risks more efficiently.

A prime target

According to one study, the UK finance sector experienced more than 300,000 security breaches in 2022, making it the country’s second most breached industry. The Bank of England’s Systemic Risk Survey for the first half of 2023 also found that 75 per cent of financial institutions cited cyber-attacks as a source of risk to their organisations.

For any affected organisation, the aftermath of a breach can be profound. The average cost of a breach in the UK now stands at £3.4 million, a slight decrease from the 2022 average of £3.8 million but still a potentially devastating amount. This is especially significant when considering the potential reputational damage, particularly if customer records are compromised.

Given these implications, how can the financial sector effectively address the challenges of the cybersecurity skills shortage and high turnover rates?

Embracing security automation amid hiring challenges

Attracting and, critically, retaining the right talent is essential for the smooth operation of a security program. One part of accomplishing this is ensuring existing security teams feel empowered with the right technology to keep up with threats.

Enter low-code security automation. This technology represents a paradigm shift, freeing up security analysts from the drudgery of mundane tasks and low-hanging fruit that distract them from addressing urgent alerts. It gives organisations the ability to scale their implementation based on the team’s existing experience and with less reliance on coding skills.

Some security teams turn to no-code tools to address these challenges. While these tools appear attractive because of their ease of use, they often lack the flexibility and functionality required to respond quickly and effectively to today’s complex threats. That is because they are limited to specific use cases and have minimal customisation options, mainly due to the absence of inputs for user-sourced coding. These products often attract smaller security teams due to their affordability and ready-to-use templates.

On the other end of the scale, legacy Security Orchestration, Automation, and Response (SOAR) solutions can be burdensome due to their required extensive scripting and development resources That, in turn, makes it much more difficult to achieve one of the primary goals of security automation: to give security teams back the time they need to focus on high-priority alerts. 

Low-code security automation offers a solution that is approachable enough for those without coding experience and sophisticated enough to satisfy the most demanding security operations teams. These low-code solutions address alerts faster to help overcome process fatigue and talent shortages while also helping organisations quantify the solution's business value in a UX-friendly, visual way that is easy to communicate to executives and the board of directors.

The adaptability of low code automation also means that organisations can easily harness these tools to address some of the unique security challenges faced by financial services companies. It can be implemented across security operations, network and cloud operations, compliance and risk, threat management, and incident response.

Looking ahead

Ultimately, with the number and severity of cyberattacks increasing, the financial sector cannot afford to wait for the cybersecurity skills gap to narrow. Doing so will only result in overlooked alerts, lack of data analysis, and staff turnover becoming an even bigger problem.

Instead, these organisations should embrace low-code security automation to help safeguard against threats more efficiently, and with the power to build custom solutions that reflect the organisations’ business practices.  

More News
1 hour ago
Embracing AI in 2024, a pivotal choice for businesses
As we reach the end of 2023, the business world stands at a technological crossroads. The coming year is set to be a watershed moment, driven by the rapid advancement of artificial intelligence (AI). The revolution is no longer at some point in the distant future. It’s here, and it cannot be ignored.
20 hours ago
Businesses with slow websites could lose up to £28.4 billion this Christmas
Online operations are the backbone for thousands of businesses both large and small in the UK, especially around the holiday season, with online spending predicted to hit £24.1 billion between 1st November and 31st December according to the Adobe Digital Economy Index.
21 hours ago
Abloy Digital Access Solutions Academy 2024 schedule announced
Abloy UK has announced its new schedule of training dates via its Academy and Digital Access Solutions Academy, with courses on a range of topics, from emergency and panic escape compliance to the latest innovations in digital access technology.
3 days ago
PFU (EMEA) announces series of PC-free updates to ScanSnap Home
PFU (EMEA) has announced an update to its mobile application for ScanSnap, ScanSnap Home (for mobile), marking the first step towards achieving PC-free ScanSnap functionality.
5 days ago
Workplace gifting start-up hits user milestone
Workplace gifting start-up Thankbox has hit a milestone of 100,000 users. The Edinburgh-based company was launched in 2020 by husband-and-wife Valentin and Tsvetelina Hinova.
5 days ago
VIPRE Security Group CTO highlights cybersecurity trends for 2024
Usman Choudhary, Chief Product and Technology Officer at VIPRE Security Group, highlights cybersecurity trends, primarily driven by generative AI adoption, that will dominate in 2024.
1 hour ago
78% UK IT decision makers deploying AI and automation
8x8, Inc, an integrated cloud contact centre and unified communications platform provider, has unveiled how companies are dealing with this current time of instability and insecurity, which is impacting British businesses by turning to AI and automation.
3 days ago
Employees spend 20% of salary returning to office
A new study has found that Birmingham is the most expensive city to commute in for hybrid workers, as staff spends up to 16 per cent of their salary travelling in each month.
4 days ago
Rubix VT signs up as headline sponsor of Brighton Half Marathon
Independent business telecoms provider, Rubix VT will be the headline sponsor for the Brighton Half Marathon for the next three years.
5 days ago
Maped Helix releases stocking filler guide
From magical, colour-changing felt tips to blow art sets, Maped Helix has released its guide to help make traditional Christmas stocking full of small yet meaningful gifts.

Login / Sign up