CASHING IN
Investment must therefore be directed towards remediating legacy infrastructure for security vulnerabilities , as well as enhancing threat detection and response through improved risk analysis . For financial services companies , secure communication is also essential , and the focus must extend beyond simply storing sensitive financial data to implementing techniques that prevent this information from being intercepted in transit .
Prioritising people
As well as implementing the right technology to drive forward digitisation , the UK financial services sector must also prioritise closing the digital skills gap to stay competitive in finance ’ s digital future . However , making sure these technologies are correctly implemented and run smoothly relies on training and upskilling individuals accordingly .
This process requires a well-thought-out approach and should be executed as part of a Digital Transformation strategy . Appointing digital-savvy leaders to drive change forward across institutions and ensure training is carried out across all levels will further guarantee that the right approach is being taken .
Having dedicated personnel across all seniority levels to co-ordinate cyberdefence protocol also boosts the success rate when mitigating threats . Findings generated by McKinsey indicate businesses are two times more likely to succeed when those in key management roles possess a deep understanding of digital technologies and strategies and use this knowledge to foster a culture that embraces innovation , agility and continuous learning .
Embracing digital capabilities is fast becoming crucial – especially when looking to meet evolving customer expectations , enhance operational efficiency and unlock new revenue streams . Delaying this transformation only leaves businesses at risk of missing out on opportunities to cater to their consumer base , as well as falling behind competitors . � www . intelligentfin . tech
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