July 24, 2024

Cybersecurity is “major threat” for financial services firms, according to new Mayer Brown study

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“AI will need to fight AI” in cybersecurity wars as vulnerability to attacks remains high

Nearly eight in 10 leaders of financial services firms are unable to plan for the future because they are concerned about their organization’s ability to withstand cyberattacks, reveals a new survey by leading international law firm Mayer Brown.

The Next Organization, a global survey of 197 leaders from the financial services sector, identifies cybersecurity as a key factor in building an organization fit for the future. However, the majority of financial services firms are concerned about their ability to protect themselves and their customers from increasingly sophisticated cyberattacks. 79% of financial institutions and 77% of investment firms say that vulnerability to cyberattacks ranks as a top factor impacting their transformation plans.

According to Raj De, leader of Mayer Brown’s global Cybersecurity & Data Privacy practice, “More and more we’re seeing companies, organizations, and nations falling victim to increasingly sophisticated cyberattacks. There are a lot of moving parts here, and businesses must navigate the complex and evolving landscape of cybersecurity. Businesses must get on the front foot and adopt proactive and robust strategies to protect their data, systems, and reputation. AI is becoming a big part of that picture too, offering both challenges and opportunities in the cybersecurity realm.”

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