Parker Fitzgerald, the Risk Management Consultancy and HolistiCyber, a global leader in Cyber Defence and Data Security originating from the Israeli Defence Force (IDF), today announce the formation of a strategic partnership to support financial institutions respond to the increasing threat landscape within the sector.
The changing face of bank’s business models, impact of digital transformation and intersection of new regulation including GDPR and PSD2 has resulted in the need for banks to fundamentally rethink the way in which they approach the management of non-financial risk.
Cyber is a key component of this and banks are amongst the organisations most vulnerable to the increasing frequency and rising costs of attacks. They offer the highest motivation for attackers and are often the most susceptible to attack given their complex technology infrastructures and the multiplicity of third party suppliers connected with that infrastructure. Banks typically find that vulnerabilities in legacy architecture are involved in more than half of their critical operational risks, which typically include the disruption of critical processes outsourced to vendors, breaches of sensitive customer or employee data, and coordinated denial-of-service attacks.
Many boards (including NEDs) struggle to understand the changing technology and threat landscape and are unable to provide adequate challenge to management on key risk mitigation strategies. Recent breaches across banking and other sectors suggest that current cyber security compliance requirements and best practice are insufficient against the latest ‘Nation State’ level cyber threat. A more advanced response is required to build resilience to cyber-attacks at a systemic and firm level.
The partnership brings together deep domain expertise in strategic risk management and financial regulation with world-class capabilities in cyber defence to radically improve client’s security posture and associated investment strategy with the objective of ensuring clients remain ahead of the emerging threats relevant to their organisation.
Scott Vincent, CEO, Parker Fitzgerald Group said ‘The senior leaders of our clients understand the level of threat but, equally, that their current response does not provide the security that customers and regulators require. Holistic Cyber is a world leader in Cyber Defence, military trained, with first-hand experience defending the most critical assets of the world’s largest financial institutions. Our clients want pragmatic advice and market leading solutions that ultimately minimises their capital and earning at risk…this partnership gives them that.
HolistiCyber’s co-founders, Brig. General (Res.) Ran Shahor, CEO, and Moshe Ishai, General Manager, said ‘Boards around the world are making significant investments in both cyber defence and cyber offense strategies to combat an ever-increasing threat landscape where “nation-state” sponsored actors are emerging and targeting the financial services sector based on new motivations. These highly advanced cyber assaults are continuously evolving in the “Darknet”, enabling the various actors to become extremely powerful attackers.
Current cyber security compliance requirements and industry best practices against such threats are insufficient and make conventional cyber security techniques increasingly inadequate. Parker Fitzgerald have a proven track record advising many the worlds largest financial institutions and regulatory authorities on critical risk management issues and brings tremendous industry insight and experience to the table. We are delighted to be working with them.
Alistair MacWillson, senior Security Adviser to Parker Fitzgerald and former Global Leader of Accenture Security said; “The combined experience and capabilities of each firm is already proving to be invaluable for clients. Parker Fitzgerald’s industry experience and consulting discipline with HolistiCyber’s world-class security offering is absolutely compelling”