Since the last time you logged in our privacy statement has been updated. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. You will not continue to receive KPMG subscriptions until you accept the changes.
We want to make sure you're kept up to date. Please take a moment to review these changes. You will not receive KPMG subscription messages until you agree to the new policy.
Why strong cyber risk management is crucial in time of Corona?
Organisations are rolling out new remote working and cloud infrastructure at a fast pace and are being forced to implement new ad hoc security models and approaches to secure that infrastructure. This results in alleviated cyber security risks.
In addition banks will face cost pressure as result of the crisis. Also in the cyber security domain while being called upon by regulators and policy makers to remain vigilant of cyber security risks.
Key challenges faced
Dealing with COVID-19 themed cyber threats. Increased risk of phishing attacks and email frauds due to remote working
Managing escalating costs of IT security when budgets are constraint and costs saving as required
Current Business Continuity plans do assume that not every organisation's Business Continuity Plan is simultaneously triggered
Accelerated moves to the cloud requiring adaptation of security models
Concerns about security and viability of managed service providers
Increased pressure for automation to deal with regulatory changes and meet compliance requirements
How to respond
Focus on embedding pragmatic remote working security controls to deal with threats, including education of employees
Act to secure cloud and other ad-hoc collaboration environment and seek assurance on security controls of managed services providers
Review and enhance business continuity management frameworks, covering larger, more frequent and globally simultaneous events
Test robustness of your cyber resilience and optimise controls while reducing cost of ownership
Plan to migrate to a security operating model that allows for greater automation
How we can help
Cyber incident response support and prevention: In the current digital threat landscape, we continue to help our banking and other clients to prevent and resolve cyber incidents and deal with the security and privacy of new working models, including the rapid reconfiguration of security controls.
Business continuity risk assessments: Recognising the need of taking a new and broader approach for Business Continuity Planning and Operational Resilience, we can assist in drafting these new approaches as well verify the effectiveness of these plans by organising sector-wide crisis management exercises.
Advice and implementation on automation of the Cyber Security function: We can help with rationalisation and automation of security controls, resulting in cost savings and ultimately developing a more data driven resilient security model.
Cloud security: New working models require built-in security and privacy processes working across disciplines and ecosystems. We assist banks by providing a strategic approach to governing information on the Cloud and enhancing the Cyber posture by leveraging advanced AI technology.