Capturing the cybersecurity dividend in banking

Cybersecurity complexity is eating bank profits

In today's interconnected world, financial institutions face a daunting challenge: cybersecurity complexity. It's not just an IT problem; it's a business issue impacting the bottom line. Every new security tool, every integration, adds another layer of complexity, creating a tangled web that obscures risk exposure and drives up costs for financial institutions around the globe. Are financial institutions really creating a secure environment, or is a patchwork of point solutions just giving the illusion of security?

Cybersecurity complexity doesn't just impact a bank's IT department; it directly affects the bottom line. It increases the cost of risk, making it harder to identify and mitigate threats. This, in turn, impacts banks' ability to navigate financial and economic uncertainties.

Our research with 1,000 executives across 21 industries and 18 countries (including 140 in banking) reveals a stark reality: banks juggle an average of 114 different security solutions from 42 vendors. Each solution comes with its own dashboard, data model, training requirements, and more. This fragmented approach not only frustrates security professionals but also hinders overall effectiveness. 
 

The illusion of “more cybersecurity tools equals more protection”

The traditional approach to cybersecurity has been to throw more tools at the problem. The belief is that more solutions equal more security. However, this is a dangerous illusion. Every new tool adds complexity, creating potential vulnerabilities that bad actors can exploit. Each integration point becomes a potential entry point. Instead of strengthening a financial institution's defenses, this fragmented approach actually weakens them.
 

The cybersecurity platformization advantage: Simplifying security, boosting ROI

There's a better way. Our research reveals the power of integrated security platforms. Organizations that embrace platformization experience significant improvements in their cybersecurity posture and their bottom line.

Faster threat detection and containment: Platformized banks detect security incidents an average of 53 days faster and contain them 55 days faster than those relying on disparate solutions.

Higher ROI: The benefits extend beyond threat management. Platformized banks see an average ROI of 118%, compared to just 45% for those with a fragmented approach to cybersecurity. By consolidating security solutions, you reduce costs, improve efficiency, and maximize the return on your security investment.

Relief for overloaded security operators: Consolidating security tools onto a single platform simplifies operations, freeing up security professionals to focus on strategic initiatives rather than constantly juggling multiple systems. 
 

Bridging the gap: From strategy to execution
While 84% of banks have security strategies in place, only 39% can effectively execute them. This gap between ambition and reality highlights the need for a new approach. Platformization provides the framework for bridging this gap, enabling banks to translate their security strategies into tangible results.

The path forward: Embracing platformization
This report provides valuable insights and recommendations for banking's C-Suite and security technology executives – the architects of change in a volatile financial security landscape. We explore how platformization can help you address the pressing challenges of cybersecurity complexity, simplify your security operations, and drive better business outcomes. Discover how to:

• Consolidate your security and eliminate multiple entry points for bad actors: Streamline your security operations by integrating disparate solutions onto a single platform.
• Improve threat detection and response: Leverage the power of a unified platform to detect and contain threats faster.
• Maximize your security ROI: Reduce costs and improve efficiency by embracing a platform-centric approach.
• Bridge the strategy-execution gap: Translate your security strategies into tangible results with a unified framework.

Financial institutions should not let cybersecurity complexity erode their profits. Instead, they can embrace the power of platformization to help secure their bank's future. Download the full report to learn more, including how AI-fueled platforms are supercharging security teams and the six key actions that will help banks use platformization to their best advantage.
 

Interested in cybersecurity beyond the banking and financial industry? 

To learn more about our cybersecurity platform findings across industries, visit our global cross-industry report page. To learn more about cybersecurity platforms in the telecommunication industry, visit our telecom report page.