Protect: minimize internal and external threats
Global Banking Outlook 2017
Minimize internal and external threats
The post-crisis era has been characterized by waves of banking scandals that have wiped out earnings and shattered trust in the banking industry.
To demonstrate the security and trustworthiness of the banking industry, a culture change and greater investment in cyber and data security technology is needed.
The protect agenda: an action plan
Actions for the next 12 months:
- Establish governance and decision-making frameworks to better manage conduct risk and protect against the threat of financial crime: establish a decision-making framework that enables banks to rapidly understand issues and escalate them.
- Embed cyber security in all new digital and FinTech initiatives: ensure that cyber security considerations are embedded in all new initiatives for maximum coverage.
- Industrialize perimeter safeguards: collaborate to share information about cyber threats to analyze and potentially prevent cyber-attacks by identifying patterns of activity.
Actions for the next 36 months:
- Address the cyber skills shortage: develop a strategic plan to cultivate the cyber workforce of the future and provide them with the business skills to operate effectively.
- Establish standards and training: implement norms of behavior and codes of conduct for employees, similar to what other professions have. Workers should be trained, examined and certified.
- Invest in RegTech: work with authorities to make compliance more cost-effective and leverage analytics and artificial intelligence (AI) for reducing the cost and manual effort required to monitor activity across the bank.