The financial services industry is based on trust, and security breaches and non-compliance carry penalties and high reputational costs. Therefore, maintaining cybersecurity systems is imperative for banks, and it’s an increasingly difficult task in the digital age.

With an accelerating rate of change and ever more amounts of data in play, operational risk management – including security and compliance issues for retail banks – have grown considerably. Today’s banking leaders are faced with two somewhat opposing forces – the need to undergo digital transformation and the need to ensure the security of their systems.