Critical Questions - How Can Banks Bridge The Cybersecurity Gap?

Cybersecurity law compliance is a complicated and costly exercise for financial institutions because of typically extensive domestic regulation and the fragmented legal landscape globally.

On this latter point, and by way of example, the definitions of critical systems, security incidents, customer, customer information, minimal system downtime and recovery time, and reporting timeframes vary across different jurisdictions. Given increasing regulator attention, political and societal expectations on financial institutions (including issues of 'social licence') and an ever-expanding and evolving cyber threat environment, it is essential for companies to localise their compliance approach by considering what level of compliance is suitable for their organisation based on their organisation's risk exposure across different jurisdictions and allocate appropriate resources to risk and compliance accordingly.