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Financial service and financial market infrastructure firms are increasingly relying on a limited number of third parties outside of the sector for business-critical key functions and services. As an example of this dependency, over 65% of UK firms use the same four cloud-based computing service providers! 

The frequency, sophistication, and potential damage cyberattacks can cause these days are reaching new, all-time highs. The acceleration of digital warfare has been exponential, with recent geopolitical clashes, civil unrest, and the COVID-19 pandemic drastically amplifying attempts by organised cybercriminals to infiltrate data centres, financial service organisations, and critical national infrastructure. If you think cyber-attacks are not a threat to your organisation, then you need to Think Again!

The consequences of the existing geopolitical conflict between Ukraine and Russia will impact the financial system and the geopolitical stability of countries beyond European borders. 

With the general price level of goods and services soaring, policymakers are attempting to delve into the root causes of this economic phenomenon, evaluate its effects on the ‘average Joe’, and devise the appropriate policy packages to address the subsequent consequences. 

The pandemic has accelerated digital transformation across all industries (even faster than the CIO agenda), forcing organisations to quickly move key processes to digital environments to retain some level of activity during the disruption. However, this massive and aggressive adoption was executed considering primarily business continuity, with only minimal assessment done in terms of risk exposure and dependencies.