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TECH SUPPLIER Jul 2019 - Market Perspective - Doc # AP43912719

The Future of Financial Institutions in Light of New Technology Risk Management Policies and Cybersecurity Regulations

By: Sherrel Roche, Jeff Yong Xun XieSenior Market Analyst, Cathy HuangAssociate Research Director, Services and Security, IDC Asia/Pacific

Abstract

This Market Perspective provides an overview of the updated technology and cybersecurity regulations in the financial services industry in Singapore, Malaysia, the Philippines, and Thailand and their impact on financial institutions. The increasing reliance on technology and rollouts of digital transformation (DX) projects in FSIs has expanded their cyberattack surface. A revision of the technology and cybersecurity risk management policies is timely in the current scenario as FSIs continue to be affected by targeted attacks.

"The evolution of threats has forced regulators to shift their attention to increasingly focus on mitigating not just organizationwide risks but also sectorwide risks. Organizations are struggling to keep up with the changes in technology and the evolving cybersecurity threat environment. The new regulatory policies should help organizations to assess and improve their current cybersecurity posture," states Sherrel Roche, senior market analyst, IDC Asia/Pacific services research group.


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