#Japan #Tokyo #Financial Institutions #Cyber Risk Institute #EY Strategy

Enhancing Cybersecurity Maturity for Financial Institutions

In today's rapidly evolving digital landscape, financial institutions are facing unprecedented cybersecurity challenges. To address these complexities, EY Strategy and Consulting (EYSC) has announced the official launch of its cybersecurity maturity assessment services tailored specifically for the financial sector. This initiative is built on the latest version of the Cyber Risk Institute's (CRI) framework, known as CRI Profile v2.1, which provides a comprehensive evaluation of cybersecurity posture among institutions.

Targeted Support for Financial Institutions

EYSC, located in the heart of Tokyo, Japan, is committed to leveraging its extensive global network to assist both domestic and international financial entities. Through this new service, EYSC aims to conduct thorough assessments of current cybersecurity statuses, help prioritize areas for improvement, and develop actionable roadmaps to enhance cybersecurity frameworks.

The increasing sophistication of cybersecurity regulations and heightened expectations mean that globally-operating financial institutions must adapt their strategies accordingly. This creates an urgent need for tailored frameworks that consolidate regulatory expectations across different jurisdictions. The CRI Profile serves this purpose by systematically organizing diagnostic criteria based on the expectations laid out by regulatory authorities worldwide.

What the CRI Profile v2.1 Offers

With the recent updates introduced in CRI Profile v2.1, organizations now have a clear path to gauge their cybersecurity maturity levels in stages. This maturity model not only allows institutions to assess their current capabilities but also enables them to visualize areas for potential growth.

The service provided by EYSC is rooted in the expertise of professionals who specialize in cybersecurity matters for the financial sector. Adopting the CRI Profile v2.1 maturity model means compliance and visibility regarding regulatory expectations will take a structured form. Evaluation metrics will be established, allowing institutions to align their cybersecurity measures with the necessary standards while paving the way for enhanced compliance.

EY's Proven Track Record

EY has already demonstrated significant capabilities in conducting cybersecurity maturity assessments using the CRI Profile among major financial institutions. By tapping into its global network and collaborating with member firms worldwide, EY SC ensures a unified approach to evaluation standards. Moreover, the insights drawn from assessment processes will inform strategies to address identified challenges, thereby enhancing the overall quality and consistency of cybersecurity postures among clients.

Voices from EY Leadership

Maki Ogawa, a cybersecurity consulting lead at EYSC, commented, "Japanese financial institutions are increasingly required to benchmark their cybersecurity measures against those of major global players, particularly the G-SIBs. Our focus on the CRI Profile framework allows us to assess and elevate the cybersecurity maturity of financial institutions uniformly across Japan. We aim to empower them with confidence to meet global regulatory standards."

Tomo Suzuki, a senior manager at EYSC, further added, "Having been involved in the planning and promotion of third-party evaluation services, I've focused on assessing cybersecurity maturity for both Japanese and international financial clients. With our experience, we provide valuable services that incorporate benchmarking against G-SIBs and assessing compliance with the financial regulatory guidelines on cybersecurity."

A Commitment to the Future

EY's overarching goal is to create new value for clients, community, and the planet while building trust in capital markets. By leveraging data, AI, and advanced technology, EY’s team is proficient in guiding institutions to navigate urgent challenges and shape a successful future. Their expertise spans assurance, consulting, tax, strategy, and transactions across diverse industries. EY proudly delivers services in over 150 countries, embodying a global commitment to quality and consistency in cybersecurity frameworks.

In conclusion, EY Strategy and Consulting's announcement marks a transformative step for financial institutions aiming to enhance their cybersecurity maturity. With the robust CRI Profile v2.1 as a foundation, EYSC is well-positioned to provide comprehensive support, allowing institutions the confidence to operate securely in an increasingly complex cyber environment.