Firebrand Research: Becoming Resilient
Navigating financial services regulation and the ransomware minefield.
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Overview
Resilience is top of mind for every regulator and market participant in 2024. The rise in cyberattacks and ransomware attacks, along with the amplified industry focus on decreasing operational risk, have resulted in an increase in regulatory requirements. Financial services firms need to be prepared for this ransomware minefield. This paper by Virginie O’Shea of Firebrand Research examines the coming compliance regulations and what that means for financial services firms now and in the future.
This paper outlines ways that firms meet these compliance requirements through a range of best practices, including:
- Protection and review: Assess existing dependencies and resilience of infrastructure – both on cloud and on-premise.
- Readiness for changes: Examine the need for multiple layers of data protection, mirroring environments and workflows for mission critical systems with back-up environments.
- Detection of attacks: Scan for attacks and vulnerabilities as threats evolve.
- Recovery: Automate recovery processes within the regulatory timeframes.
- Seek trusted partners: Financial organizations need trusted partners with relevant expertise that can support their ongoing compliance journey.