#USA #New York #Cybersecurity #Broadridge #Financial Services

Heightened Awareness of Cyber Threats in Finance

The recent SIFMA Ops 2025 conference showcased prevailing topics that have become critical in the financial services sector, particularly concerning operational resilience and cybersecurity. With the increasing sophistication of cyberattacks—driven largely by advancements in artificial intelligence—the financial industry finds itself at a pivotal intersection where strategic actions are essential for safeguarding operations against imminent risks.

During this gathering of leaders in operations and technology, notable discussions emerged surrounding the serious threats posed by outdated legacy systems. Many financial institutions are realizing that these systems can leave them vulnerable to unprecedented cyberattacks, a sentiment echoed by industry expert and Broadridge CEO, Tim Gokey. The frequency and severity of data breaches and ransomware incidents are alarming, necessitating a shift toward robust preparatory measures for all financial entities.

According to a recent study conducted by Broadridge titled "Digital Transformation Next-Gen Technology Study," a staggering 83% of firms in the sector identify cybersecurity as a top strategic priority. The report also revealed that nearly 90% of firms plan to increase their investments in cybersecurity over the coming year. This urgent need for action stems not only from escalating risks but also from the complex operational environment, characterized by greater market volatility and shorter settlement cycles, as articulated by Neha Singh, Broadridge's Head of Post-Trade Transformation.

"It's no longer a question of if a cyber event will occur, but when it will happen, and how effectively financial firms can respond to and recover from such incidents," Singh emphasized. Nearly half of Broadridge’s clients in the post-trade sector have already committed to utilizing an enhanced cyber recovery solution, illustrating a proactive stance towards safeguarding critical infrastructures.

Implementing Robust Cyber Recovery Solutions

The agency has developed an advanced cyber recovery solution featuring both Immutability and Repave methodologies, which collectively bolster the operational resilience of financial organizations. This innovative approach ensures that firms can create secure, immutable copies of essential data, providing a reliable point-in-time backup from which swift restoration can take place following a cyber incident.

In addition to these tools, Broadridge is collaborating with major global firms to aggregate firm-specific recovery playbooks. This collaborative effort aims to enhance preparedness and streamline recovery processes tailored to each organization's unique operational landscape.

The Future of Financial Operations

Broadridge Financial Solutions, listed on NYSE as BR, stands out as a pivotal entity in advancing technology and operational efficiencies within the financial services sector. With a commitment to innovation, Broadridge processes over 7 billion communications annually and supports the daily trading of securities worth more than $10 trillion globally. Employing over 14,000 individuals across 21 countries, Broadridge envisions maintaining its status as a trusted leader by continuously enhancing operational resiliency for clients and adapting to the evolving market demands.

As the financial services landscape continues to transform, it is crucial for organizations to remain ahead of cyber threats. By prioritizing cybersecurity and operational resilience, firms not only protect their assets but also foster trust and stability within the industry. Broadridge’s efforts in this arena not only showcase leadership but also set a precedent for best practices amidst a turbulent digital landscape. For more information on their initiatives, visit Broadridge's website.