This article discusses the importance of financial institutions strengthening their cybersecurity capabilities as they increasingly adopt emerging technologies such as cloud computing, applied AI, next-gen software development, and digital identity. The survey reveals that while companies recognize the relevance of these technologies, they are underspending on cybersecurity and have weaknesses in critical areas like third-party risk management, metrics and reporting, and identity and access management. The authors argue that financial institutions need to align their technology priorities with security capabilities, invest appropriately, establish the right metrics, and secure the necessary talent in order to future-proof their environments against mounting cyber risks over the next 3-5 years.
