With the backing of five or more distinct security solution types, 58 per cent of financial services organisations maintain a layered cybersecurity posture
Most chief information security officers (CISOs) in the financial services industry have gaps that let vulnerabilities into production even though their multilayered security posture is in place, according to the Global CISO Regional Bank 2023 Report from Dynatrace.
In spite of having a strong, multilayered security posture, 76 per cent of chief information security officers (CISOs) in the financial services industry claim that there are still holes that let vulnerabilities into production. With the backing of five or more distinct security solution types, 58 per cent of financial services organisations maintain a layered cybersecurity posture.
The report also noted that low priority, false positive, and duplicate alerts are caused by the current security solutions’ inability to provide the runtime context necessary to distinguish between a minor and a major risk. This might put too much strain on the system to prioritise vulnerabilities. Every month, financial services organisations receive more than 2,200 alerts about possible vulnerabilities in application security. Prioritising vulnerabilities based on risk and impact is difficult due to the volume of alerts, as nearly 74 per cent of CISOs concur.
It also observed that the emergence of contemporary cloud environments has presented a challenge for the financial services industry’s IT, development, and security teams.
Despite the most advanced, tiered cybersecurity strategies, many businesses are still unable to see inside the dynamic, containerized applications of today. Additionally, they have trouble providing their teams with the context they need to differentiate between a legitimate risk and a serious weakness that could be exploited, it added.
A total of 325 CISO participants were surveyed for the report including respondent from the United States, the United Kingdom, France, Germany, Spain, Italy, the Nordic region, the Middle East, Australia, India, Singapore, Malaysia, Brazil, and Mexico.