Many banks and credit unions approach IT and cybersecurity issues strictly as technical problems and increase their spend year-over-year on information security (IS) programs and technology. Since many financial institutions view these issues through a technical lens, their solution almost always entails buying more technology. According to research from Celent, spending among institutions is growing globally, with banks allocating considerable sums toward meeting compliance requirements, strengthening IT security and investing in new technology.
The intended result of such spending is increased security, compliance and growth—but budgetary investments do not alone generate those outcomes. IT and cybersecurity are business problems, not just technical issues and require alignment with an institution’s goals in order to achieve greater effectiveness.
Institutions should take a risk-based approach to determine which technologies align with their strategic business goals. The right advisory partner for IT governance—which entails the processes used to verify that IT is aligned to an institution’s goals—will understand how technology, cybersecurity and financial services intersect, guiding an institution to achieve its specific business objectives.
Advisory services are utilized across a variety of industries and entail an industry expert working with an organization to provide recommendations surrounding IT governance. As the IT and cybersecurity landscapes evolve, most financial institutions require a partner to navigate complex requirements. Advisory services offer valuable experience and insight that can be difficult to find otherwise.
By partnering with industry experts or advisors, an institution can embrace a risk-based process for managing cybersecurity and IT while implementing controls that align with the institution’s strategic goals.
This white paper covers how a risk-based approach to IT governance and compliance benefits financial institutions, as well as why financial institutions are embracing advisory services for IT governance.
This white paper is brought to you by CSI