The regulators have been frantically issuing Risk alerts regarding cybersecurity practices and policies and procedures in the hopes of providing some direction to firms facing a repidly changing technological landscape. Some studies suggest that spending on financial related technology wil grow by 35% per year for the forseeable future. Given that some estimates calculate that fintech is a +$3 billion dollar industry gives rise to some eye whopping spending over the next 5-10 years for financial firms.
It’s never been more important to have a technology strategy. The strategy should focus on 4 components:
- security – physical, hardware and software
- users – training, monitoring, policies and procedures
- infrastructure – internet devices, telecom, work devices and mobile devices
- software – web apps, local apps and mobile apps
We recommend setting aside some time to think through your future plans for the business so that your technology strategy will complement your business plans.