The Intersection of Compliance and Risk vs Security in Financial Services

Financial Services Institutions (FSIs) are facing increasing compliance demands, budget constraints, and cybersecurity risks due to changing regional and national regulations. The Deloitte Report highlights that regulatory drivers account for more than half of the cybersecurity budget at 46% of firms surveyed in 2023. To mitigate these challenges, FSIs should consider open-source technology and careful vendor selection. Open source solutions can help eliminate reliance on proprietary software from a single vendor, reduce the need for high cost vendor-specific skills, and ensure data sovereignty. By choosing the right managed services partner like Aiven, FSIs can save significantly on reducing risk events and supporting teams while ensuring compliance with global standards such as ISAE 3000, ISO27K, GDPR, CCPA, HIPAA, and PCI DSS.