Open Source in Finance Forum London 2024

CXOs face significant and growing challenges in this space - privacy laws, enhanced security regulations, heightened scrutiny from regulators, operational resiliency requirements such as DORA, Cloud data migration initiatives and data for AI use cases Add to this the relentless barrage of data leaks and cyber attacks with new threat actor groups and coordinated attacks. UK FS firms reported a 3X increase in breaches to the ICO in 2023 than 2022; 80% of banks struggle with data protection and privacy; 60% of the banks reported serious operational failures in 2023 alone Firms have responded with large investment programmes and creation of CISO departments. However, our work with several FS firms to implement InfoSec requirements for ISO 27001, DORA, Cloud, Entitlements and Data Access Controls has highlighted significant opportunity to be efficient and strategic about this.   The average investment is £10-30m and changes needed at multiple levels i.e. infrastructure, technical, data, process & education. We share what an optimised approach looks like: Application Authorisation; Asset Master; Policy Master; Data Access Control; Entitlements Service; Third Party; Reporting