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1、Cybersecurity in a post-pandemic world:A focus on financial services2Cybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial servicesContents Two out of three surveyed1 have experienced between one and 10 cyber incidents or brea

2、ches between 2020 and 2021.It only takes one incident to potentially cripple an organization and bring reputational,financial,or operational havoc.The rapid growth of remote work has increased the number of challenges organizations face in securing their ecosystem.Imagine going from one managed netw

3、ork to managing hundreds of networks,depending on the size of your remote staff.It is time to retire legacy systems to pave the way for the latest tools and technologies in order to provide effective online and mobile services and differentiate yourself in the marketplace.Data privacy and security,a

4、nd the struggle to attract talent,remain critical reasons2 for the hesitation to mature core IT infrastructures to cloud technologies.CISOs should be given greater authority to influence the lines of business and gather information from across the enterprise.They need to be ready to have open and fr

5、ank conversations with board members,senior management,and stakeholders.The rush toward creating new fintech solutions has coincided with a marked rise in cyber-attacks.In fact,attacks targeting financial apps rose by 38%year-over-year.3 Extended enterprise risk is a harsh reality that organizations

6、 need to plan around.Dependency on third,fourth,and fifth parties will likely continue to increase,increasing the need to monitor real-time.Human vulnerability remains the No.1 cybersecurity threat.Awareness training remains a priority but is not sufficient.Creating a culture of cybersecurity is imp

7、ortant.CEOs and boards are increasingly calling for more sophisticated risk quantification techniques that tie into broader business risks.Executive summary New risks compel new responsesAs the COVID-19 pandemic pushed some workforces to go fully remote,and customers demanded almost-complete virtual

8、 engagement,financial services leaders had to find ways to digitalize their operational,distribution,and customer engagement processes.Meanwhile,cyber risk professionals were simultaneously faced with the enormous challenge of rapidly adapting their cybersecurity capabilities in response to the evol

9、ving digitalization needs.While the pandemic may someday relent,hybrid work and digitalization are certainly here to stay,requiring financial services organizations to assess how these adaptations should mature for the long term.The industry appears to be committing to this intention by stepping up

10、cyber defense efforts.However,work remains to be done to position for the future by prioritizing the digital transformation agenda,securing modernization activities,and building resilient digital operations.To better understand how organizations are responding to these emerging pressures,Deloitte To

11、uche Tohmatsu Limited(DTTL)surveyed nearly 600 C-suite executives globally across several industries.4 This report focuses exclusively on the 162 responses received from financial services organizations,encompassing those in the banking and capital markets,insurance,investment management,and real es

12、tate sectors.Our analysis led to four definitive conclusions that financial services leaders can use to help structure their cybersecurity programs,identify investment priorities,and allocate budgets:Short-term fixes should advance immediately to steady state Legacy systems are slated for retirement

13、 Extended ecosystems call for stronger detection and control mechanisms Some things never change In the remainder of this paper,we explore each of these conclusions in greater detail.How the shift toward remote workforces and virtual customer engagement fuelled digitalization and changed the cyberse

14、curity landscape in financial services.1Executive summary1Short-term fixes should advance promptly to steady state2Legacy systems are slated for retirement4Extended ecosystems call for stronger detection and controls mechanisms9Some things never change12Where to go from here17Endnotes18Contact us192

15、Cybersecurity in a post-pandemic world|A focus on financial servicesThe pandemic forced financial services IT organizations to roll out programs on an expedited basis to support remote workforces and enable their business lines to provide digital-first products and services.Given the pace of these c

16、hanges,many of these programs have been languishing in“test or pilot mode”as organizations scrambled to adapt to radically different employee and customer engagement models.Now that hybrid workforces and virtual engagement are here to stay,the time for testing is overand the work begins to determine

17、 which changes to incorporate for the long term and which challenges remain to be resolved.Cause for concernIf evidence is needed to analyze the need to move to a new steady state,it is ready at hand.Over the past year,cyber incidents have ballooned.According to the Identity Theft Resource Center,da

18、ta breaches rose 17%between 2020 and 2021.5 And 67%of survey respondents report that their organizations experienced between one and 10 cyber incidents or breaches over the past yearand an additional 15%say they experienced 11 to 15 incidents.DTTLs 2021 Future of Cyber Survey supported these finding

19、s.The increase in remote work has introduced increased complexities in data management and perimeter protection,resulting as the biggest challenges impacting the financial services industry(figure 1).This contrasts with the past several years,where rapid technology change was identified as the No.1

20、challenge in managing cybersecurity.6 A rallying callSurvey respondents highlighted several potential causes for increased cyber incidents,including insufficient incident detection and response capabilities,network and endpoint assets that are too complex to protect,failure to properly identify risk

21、s,unclear governance and ownership of cyber topics,and employee failure to follow cybersecurity policies.Firms have traditionally used endpoint detection and response(EDR)and security monitoring to help detect cyber-threats.But greater controls will be required as new operating models emerge.This in

22、cludes aggressively monitoring access controls and instituting a continuous cycle of employee awareness training and compliance trackingboth for staff returning to the office and for those who plan to continue working remotely.Short-term fixes should advance promptly to steady stateAll Financial Ser

23、vicesBanking&Capital MarketsInsuranceInvestment Mgmt.Real EstateIncrease of data management/perimeter,and complexities11111Better prioritization of cyber risk across the enterprise24322Inability to match rapid technology changes32235Lack of skilled cyber professionals43662Inadequate governance55444F

24、igure 1:What are the biggest challenges in managing cybersecurity across your organization?Source:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”3Cybersecurity in a post-pandemic world|A focus on financial services54Cybersecurity in a post-pandemic world|A focus on financial services

25、While cybersecurity has gained higher visibility among boards and regulators alike,its time for IT teams to further mature their infrastructures as the industry as a whole aligns behind efforts to provide effective online and mobile services and virtualize the workforce.On the plus side,much of the

26、required digital ecosystem was already in place to scale up rapidly.Despite having laid this foundation,our survey7 shows that financial services organizations(and particularly large enterprises)are still early in their adoption of cloud technologies.Maturing core infrastructure Part of the hesitanc

27、e to embark on the transformation journey can be traced to ongoing concerns around full-scale adoption of cloud technologies,with respondents citing privacy and the struggle to attract talent as specific concerns(figure 2).Similarly,financial services respondents also said the visibility of the clou

28、d environment and compliance were top of mind in their efforts to protect cloud applications and workloads(figure 3).Firms should therefore assess the cloud-readiness of controls,especially since they need to meet expected control objectives and build controls applicable to the cloud at a time when

29、many are barely keeping up with existing requirements.This imperative is further complicated by the fact that traditional security management practices frequently cant keep pace with digital transformation agendasresulting in control gaps,compliance missteps,and heightened security risks.Mitigating

30、these challenges calls for enhanced coordination across the business units,the automation of controls and control testing,and improved capacity to assess a broader range of potential risksfrom expanded attack surfaces to third-party risks to functional maturity.Legacy systems are slated for retireme

31、nt Figure 2:What type of investments or requirements are influencing your commitment to security in the cloud?Privacy concernsSkilled professional BudgetGovernance and compliance 48%40%24%22%Source:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Figure 3:What is the biggest“weight on

32、your shoulders”when protecting cloud applications or workloads?24%20%20%17%8%Visibility of cloud environment Misconfiguration shortcomingsCreating consistent security policiesConsistent change of applicationsComplianceSource:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Cybersecurit

33、y in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial services76Maturing cyber infrastructureLooking beyond core systems,financial services organizations should also consider revamping their legacy cybersecurity infrastructure.According t

34、o the survey8,scaled cyber solutions both in the cloud and for the cloud are being prioritized as financial services organizations try to enhance their cyber defense capabilities.For instance,31%of surveyed financial services organizations say they are choosing cloud-based Identity-as-a-Service(IDaa

35、S)solutions,with in-house contractors preferred to procure,implement,and provide ongoing delivery of identity capabilities.But organizational priorities appear to vary among leadership.While 66%of responding chief information security officers(CISOs)identify cyber hygiene(including IT asset manageme

36、nt,configuration management,and patch and vulnerability management)as the most challenging aspect of cybersecurity management across the organization,33%of chief information officers(CIOs)think cyber talent limitations are the real challenge,along with hybrid IT and transformation(figure 4).Figure 4

37、:Which of the following is the most challenging aspect of cybersecurity management across your organizations infrastructure?19%10%5%10%33%24%11%Cyber hygieneCybersecurity talent limitationsTransformationChief Information Security Officer(CISO)Chief Information Officer(CIO)Shadow ITOtherHybrid ITSour

38、ce:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”11%66%8%5%Cybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial services98Figure 5:How often is cybersecurity on your boards agenda?13%63%19%6%Small($500M)10%56

39、%3%31%Midsize(More than$500M and less than$5B)27%39%12%21%Large(More than$5B and less than$30B)28%28%44%Giant(More than$30B)Once a monthOnce a yearOnce a quarterTwice a yearAd-hoc basisSource:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”To help resolve some of these tensions,CISOs

40、likely need greater authority to influence the lines of business,gather information from across the enterprise,and communicate directly with the board and senior leaders.But this imperative appears to vary depending on organizational size.Among the largest financial services organizations surveyed,d

41、efined as those with more than$30 billion in revenue,28%say their boards address cybersecurity issues monthly,while at mid-sized organizations($500 million-$5 billion in revenue)cybersecurity only makes it onto the monthly board agenda 10%of the time(figure 5).Nevertheless,its clear that cybersecuri

42、ty has firmly captured board attention.If CISOs and cybersecurity teams aim to sustain this board-level visibility,they need to find ways to integrate cybersecurity into product design and platform innovation from the outset.With cyber risks permeating everywhere from customer touchpoints to remote

43、employee devices,IT departments can no longer operate in silos and CISOs should look well beyond network functionality.Instead,they should be ready to talk to board members,senior management,and stakeholders across the three lines of defense,etc.in language they understandabout the cyber risks that

44、most concern them.Based on the survey responses,it seems CISOs remain focused on cyber hygiene,talent limitations,and hybrid IT(which refers to technology that supports in-house traditional infrastructure and public cloud infrastructure in parallel)issues that remain unaddressed as cybersecurity pro

45、fessionals continue to get sidetracked simply plugging holes and remediating vulnerabilities in their existing infrastructure.To mitigate evolving cyber risks,CISOs should determine how to broaden their focus to execute on more strategic development,security,and operations(DevSecOps)initiatives.Alth

46、ough third-party risk management has been a regulatory requirement for years,accelerating trendssuch as open banking and fintech relationshipsare simply amplifying this mandate.As a case in point,a Deloitte Center for Financial Services survey9 found that one in five US consumers considers open bank

47、ing valuable,with interest especially high among millennials and Gen Z.And relationships between traditional financial services organizations and fintechs have already shifted how financial services are structured,delivered,and consumed,resulting in both unprecedented disruption and boundless innova

48、tion.Yet,despite the clear upside,security vulnerabilities remain.The constant development of new open application programming interfaces(APIs)to connect banks with other institutions has sparked debate about who owns a customers financial data.And the rush toward creating new fintech solutions has

49、coincided with a marked rise in cyber-attacks.In the first six months of 2021 alone,attacks targeting financial apps rose by 38%year-over-year.10 Extended ecosystems call for stronger detection and controls mechanismsCybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity i

50、n a post-pandemic world|A focus on financial services1110As a result,cybersecurity professionals are under greater pressure to protect their increasingly partner-oriented and virtual enterprises.Indeed,extended enterprise control deficiencies are now considered by survey respondents to be the second

51、-highest threat at many financial services organizations,up from the No.3 spot last year.11 In this context,the“extended enterprise”refers to the extended ecosystem of third-party vendors,suppliers,agents,brokers,and partners that support financial services organizations and/or their customerssuch a

52、s technology solution providers,payment processors,clearing houses,and beyond.The impact of cyber incidentsThe extended enterprise may also open the organization up to additional cyber incidents.When asked about cyber incidents and breaches,survey respondents12 indicated that operational disruption

53、caused the biggest impact(figure 6).Figure 6:What were the biggest impacts of cyber incidents or breaches on your organization?(Please select up to 2 answers)Loss of revenueRegulatory finesLoss of customer trust/negative brand impactIntellectual property theftDrop in share priceChange in leadershipO

54、perational disruptionNegative talent/retention impactOtherReputational loss14%19%20%17%21%18%16%33%17%5%Source:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Figure 7:Which of the following cyber defense concepts are being prioritized/invested in to transform your security capabiliti

55、es?23451Scaled cyber solutions in the cloud/for the cloudZero trust networksSecurity orchestrationCyber/technical resilience(e.g.,cyber recovery vault,cloud resilience,etc.)DevSecOpsSource:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Strengthening the control environmentWith extend

56、ed enterprise gaining ground,zero trust continues to emerge as an essential practice for enforcing least privileged access to everything from networks and applications to users,devices,and workloads.Unlike a technology or single solution,zero trust is a set of policies based on the principle of“neve

57、r trust,always verify,”where a traditional perimeter-based(or“castle and moat”)approach of security management shifts to one where trust is established between individual resources and consumers as and when required.The aim is to create trusted connections that hinge on a set of internal and externa

58、l factors that are constantly revalidated.Hearteningly,respondents seem to be prioritizing the adoption of zero trust frameworks,along with cyber defenses such as automation and security orchestration(figure 7).Going forward,financial services organizations should also look at further digitalizing t

59、heir cyber functions to improve agility and speed.Weaving security-by-design principles into IT service development and embedding cybersecurity requirements into the architecture and design stages of the software development lifecycle could help organizations get ahead of evolving threats.Cybersecur

60、ity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial servicesDespite this more dynamic environment,our survey13 also highlighted two evergreen topics:the willingness to fund cyber risk management,and the inability of employees to follo

61、w common sense risk management protocols.In the first case,budgets for cybersecurity initiatives remain broad.Over the past three years,the annual cybersecurity spend as a percentage of revenue has grown consistently(figure 8).In 2021,infrastructure security,the Internet of Things(IoT),industrial co

62、ntrol systems(ICS),and operational technology(OT)together claimed roughly 20%of budget allocations,followed by threat intelligence,detection,and monitoring(14%)and cyber transformation(14%)(figure 9).This compares to 2020 priorities,which saw 19%of budgets allocated to cyber monitoring and operation

63、s,18%to endpoint and network security,and 16%to identity and access management.14 To provide a measurable return on cybersecurity investments,CISOs may need additional tools in their risk management arsenals,including the adoption of risk quantification techniques.Some things never changeFigure 8:Cy

64、bersecurity spend and revenue by sectorBanking&Capital MarketsInvestment ManagementInsurance Real Estate201920202021Source:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey”;Deloitte FS-ISAC Cyber Benchmarking Surveys,2019,20200.3%0.3%0.3%0.6%0.4%0.4%0.88%0.4%0.41%0.54%Figure 9:Budget al

65、location across cybersecurity domains14%Threat intelligence,detection&monitoring20%Infrastructure security+IoT,ICS,OT12%IAM solutions14%Cyber transformation11%Application security10%Incident response/disaster recovery 10%Data security and privacy9%Cloud migration,integration&DevSecOpsSource:Deloitte

66、 Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”1213Cybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial services1512Physician,heal thyselfDespite significant investment,human vulnerability remains#1.The top cyber thre

67、ats cited by respondents are still phishing,malware,and ransomware and employee-related risks(figure 10).Despite years of awareness of these trends,employees continue to fall prey to phishing,malware,and ransomware attacks,and persist in exposing their organizations to avoidable risk through both un

68、intentional actions and deliberate malice.While organizations are building resilience plans to counter these threats(figure 11),this approach focuses more on response and recovery than it does on true defense.Awareness training remains a priority,but is not sufficient on its own.To further strengthe

69、n their defenses,54%of surveyed cybersecurity professionals report that they are leveraging automated behavioral analytics tools to detect potential risk indicators among employees.That said,25%continue to use leadership to monitor employee behaviors and risk indicators,and an additional 20%say they

70、 have no way to detect or mitigate these risks.Figure 10:What is the top cyber threat your organization is most concerned about based on its business model?123456Source:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Phishing/malware/ransomwareSupply chain control deficienciesEmployee

71、 unintentional actionsNon-state actor threatsDDOS attacksInsider threat14Cybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial services1615Figure 11:Which of the following actions have been implemented to increase your cyber a

72、nd information security?23451An operational and strategic plan to defend your organization against cyber threatsA cyber incident response plan that gets updated and tested regularlyRegular cyber awareness training among all employees of the organizationProcedure for continuously improving and develo

73、ping the organizations hygiene with cyber and information security Regular voice-of-the-customer input to cyber and data privacy preferencesSource:Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”Cybersecurity practices in financial services continue to mature;executives and boards ali

74、ke have prioritized cybersecurity spending and invested in emerging protocols to secure their extended enterprises against proliferating cyber threats.However,CISOs should continuously revisit their risk assessment approaches in line with continuously improving capabilities of cyber adversaries to s

75、tay on top of their game.In our experience,CISOs have preferred maturity assessments to help prioritize spending but CEOs are increasingly calling for more sophisticated risk quantification techniques that tie into broader business risks.The breathtaking pace of digitalization,remote work,and virtua

76、l customer engagement spurred by COVID-19 obliges CISOs to revisit many of their legacy cybersecurity practices.The persistent nature of certain threatsfrom phishing and malware,to extended enterprise control deficiencies and insider threatssimply underscores this imperative.With remote work and dig

77、ital transformation here to stay,its time for financial services organizations to get more serious about embracing the cloud,securing the extended enterprise,focusing on a trusted customer experience,building resilient operations and remediating control gaps.This involves a multi-pronged approach th

78、at sees the adoption of more sophisticated incident detection and response capabilities,enhanced perimeter controls,improved risk identification methods,and more focused employee education initiatives.While there is no one-size-fits-all solution for stakeholders across the industry,it seems universa

79、lly true that elevated risks will continue to compel new responses.Where to go from here1721Cybersecurity in a post-pandemic world|A focus on financial servicesCybersecurity in a post-pandemic world|A focus on financial services18Endnotes1.Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Surve

80、y.”2.Ibid.3.Ibid.4.Ibid.5.Identity Theft Resource Center,October 6,2021.“Number of Data Breaches in 2021 Surpasses All of 2020.”6.Deloitte,July 24,2020.“Reshaping the cybersecurity landscape.”7.Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”8.Ibid.9.Deloitte,October 21,2019.“Executin

81、g the open banking strategy in the United States.”10.UpGuard,January 20,2022.“The 6 Biggest Cyber Threats for Financial Services in 2022,”by Edward Kost.11.Deloitte Touche Tohmatsu Limited,“2021 Future of Cyber Survey.”12.Ibid.13.Ibid.14.Deloitte,July 24,2020.“Reshaping the cybersecurity landscape.”

82、Arjan Bajaj Managing DirectorDeloitte Risk&Financial AdvisoryCyber&Strategic Risk ServicesDeloitte&Touche LLP+1 212 436 5277Julie Bernard Principal Deloitte Risk&Financial AdvisoryCyber&Strategic Risk ServicesDeloitte&Touche LLP+1 704 227 7851Vik BhatPrincipal Deloitte Risk&Financial AdvisoryFinanci

83、al Services LeaderDeloitte&Touche LLP+1 973 602 4270Deborah GoldenPrincipal Deloitte Risk&Financial AdvisoryCyber&Strategic Risk Services LeaderDeloitte&Touche LLP+1 571 882 5106Meghana KanitkarSenior ManagerDeloitte Risk&Financial AdvisoryCyber&Strategic Risk ServicesDeloitte&Touche LLP+1 212 436 5

84、678Mark NicholsonPrincipal Deloitte Risk&Financial AdvisoryCyber&Strategic Risk ServicesDeloitte&Touche LLP+1 201 499 0586Contact usOur insights can help you take advantage of change.If youre looking for fresh ideas to address your challenges,we should talk.22Cybersecurity in a post-pandemic world|A

85、 focus on financial servicesThis document contains general information only and the authors are not,by means of this document,rendering accounting,business,financial,investment,legal,tax,or other professional advice or services.This document is not a substitute for such professional advice or servic

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