The advent of artificial intelligence (AI) and automated attack tools has transformed the cyber landscape, leading to more frequent and high-profile data breaches and ransomware attacks. As these threats escalate, the imperative for firms to bolster their cyber defences has reached critical levels.
Broadridge’s recent Digital Transformation & Next-Gen Technology Study reveals that 83% of firms (surveyed) now consider cybersecurity a strategic priority, with nearly 90% planning substantial investments this year.
Neha Singh, head of Post-Trade Transformation at Broadridge Financial Solutions, emphasised the urgency of the situation: “The combination of higher volatility, shorter settlement cycles, and the growing risk from cyber bad actors has made operational and cyber resilience a critical priority for our financial services clients.”
She noted that it is no longer a question of if a cyber event will occur, but rather how prepared organisations will be for recovery.
Broadridge's enhanced cyber recovery solutions—featuring secure immutable storage—offer a lifeline to firms struggling with operational resilience. These solutions create unalterable, point-in-time copies of critical data, allowing for rapid restoration in the event of a cyber incident.
However, the reliance on legacy systems remains a significant concern, leaving many firms vulnerable. As the industry grapples with these challenges, the question arises: can financial institutions afford to overlook the risks associated with outdated technology?
The growing consensus is clear—without immediate action, the financial services sector may find itself at the mercy of cyber threats, with potentially devastating consequences.