Cybersecurity Concerns in Financial Sectors - What to Adopt in Your Business
- planettechsg
- Oct 31
- 3 min read
Growth always comes with challenges. In a fast-changing digital world, it’s easy for businesses to feel left behind. But with the right technology and modern practices, companies can turn those challenges into opportunities for innovation and success.
Firstly, let's break down the challenges that a business in the financial sector might face:
Regulatory Compliance: Keeping up with evolving MAS and global financial regulations can slow expansion.
Cybersecurity Risks: Increased digital operations attract more cyber threats and data breaches.
Data Management Challenges: Handling larger volumes of sensitive financial data securely and efficiently.
Technology Integration: Adopting new platforms or automation tools while maintaining legacy systems.
Talent Shortage: Difficulty finding cost-effective skilled IT professionals to support growth.
Operational Scalability: Ensuring systems, workflows, and infrastructure can scale without downtime.
Customer Trust & Experience: Maintaining high service quality and trust as the business expands digitally.
Third-Party Risks: Relying more on vendors or partners introduces compliance and security vulnerabilities.
Common Cybersecurity Threats
Financial institutions today face a growing range of cyber risks, including:
Phishing and social engineering attacks aimed at staff.
Ransomware incidents through compromised systems and/or network.
Insider threats and mismanaged user access.
Emerging risks from AI-driven fraud and deepfakes
These threats don’t just disrupt systems — they erode trust, slow down growth, and create compliance challenges under regulations like the MAS Technology Risk Management (TRM) guidelines.
Here are some key considerations to adopt:
Elevate Communication Channels: Acquire systems that allow seamless exchange of information and data through secured channels.
Security Awareness Training: Enrol your company for remote awareness training to increase their knowledge on cyber threats and learn how to be vigilant.
Adhere to Cybersecurity Framework: Compliance is non-negotiable and by adhering to frameworks e.g. CSA Cyber Essentials Framework, you are a step closer to staying regulated.
Outsourcing IT to MSPs: Outsourcing IT to a Managed Service Provider (MSP) can help reduce financial strain. Instead of hiring full-time IT staff, you gain access to a team of experts with a shared pool of knowledge — keeping your business efficient, secure, and competitive.
Bonus tip: Strengthening Cyber Resilience to Support Growth
To protect business continuity and maintain client confidence, financial companies can adopt practical cybersecurity strategies such as:
Zero Trust Security – Verify every user and device, even inside your network.
Multi-Factor Authentication (MFA) – Reduce unauthorised access across all systems.
Regular Threat Monitoring – Use Endpoint Detection and Response (EDR) or Managed Detection and Response (MDR) services.
Vendor Risk Management – Audit and secure third-party connections.
Employee Awareness Training – Build a culture of cybersecurity vigilance.
Automated Backups and Recovery – Ensure critical data and operations can be restored quickly.
How Cybersecurity Fuels Business Growth
A strong cybersecurity foundation isn’t just about protection in today's world — it’s a growth enabler. It builds trust with clients and regulators, improves operational efficiency through automation, and provides the confidence to scale digital services securely.
By partnering with a trusted Managed Service Provider (MSP), financial firms can automate compliance, enhance cyber defences, and stay ahead of evolving threats — ensuring growth without compromising security.
In short: Cybersecurity is no longer a cost; it’s a competitive advantage that empowers the financial sector to innovate and grow safely.
Schedule a quick meeting with us to see how your business can stay competitive.
Call 6929 6324 or email info@planettech.sg today.
Comments