Cyber Risk -- And Reward

by Megan Fisher, Thursday, March 14, 2024

Deploying emerging technologies in the financial services sector is inherently risky, due to the sensitive nature of the information at play, and the risks associated with new and rapidly changing emerging technologies. But, such risk does not mean we should or can shy away from deploying those emerging technologies in the financial services sector. Instead, and as we say all of the time, careful attention to the context, systems, supports, and strategies used in exploring emerging technology for the financial services industry can enable organizations to thrive, despite the associated risks. 

The Intraprise team was impressed with McKinsey’s March 11th article, “The cyber clock is ticking: Derisking emerging technologies in financial services,” which provides a thorough look into the types of emerging technologies that are most appealing to the financial sector right now, why those technologies are growing in popularity, and most importantly, what should be done to bolster cybersecurity systems amid such rapid technological change. 

Emerging technologies are becoming a necessary - no longer an optional - component in the financial services industry. Failure to act (as a means to avoid risk) is a short term solution to a problem that is coming, whether we are ready or not. Embracing the change, deploying thoughtful systems to support such change, and intentionally redesigning our status quo to be ‘future proof’ is the only way to keep pace with the rapid technological change we see today, and that will continue to escalate as advancements continue.

If you’re overwhelmed by the pace of change, but want to feel confident that you’ll be able to keep up, reach out today.

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