In a cybersecurity market that is becoming ever more complicated as new technologies parade the market, it is becoming more vital companies consider the necessity of compliance.
In a discussion, Standard Chartered head of information cybersecurity policy regulation Ibrahim Gathungu, NYDFS executive deputy superintendent cybersecurity division Justin Herring and Sifma managing director and associate general counsel Melissa Macgregor discussed the topic in detail.
The cybersecurity market is facing new complexities as new and exciting technologies began to make their present felt. What are some of the key governance and compliance challenges for all types of financial institutions going forward?
On this point, Herring stated, “I would say it has to do with leadership and tone from the top. In the financial services industry, we’ve had cybersecurity regulation in place now for a number of years and what we see is that a lot of institutions have an information security programme in place.
“What really distinguishes those institutions that are doing it effectively, versus those that are still struggling, has to do with leadership and tone from the top, often above the level of CISO and up to that of the CEO.
“You could have a terrific CISO, but ultimately, the business units don’t report to the CISO and they don’t have enterprise-wide vision or authority and effective cybersecurity really requires that it is prioritised across the organisation,” Herring said.
Will greater messaging and tone from leaders at the top of the organisation make cybersecurity compliance a greater opportunity?
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