Kevin McDonnell’s Post

BY MCKINSEY & COMPANY: The cyber clock is ticking: Derisking emerging technologies in financial services! As financial institutions actively adopt emerging technologies, they should act now to future-proof themselves against growing cyber risks. pace with a rapidly evolving technology landscape, they should consider not only what benefits new emerging technologies offer but also what risks they introduce. To understand how companies are grappling with the best ways to use and protect the technologies of today and tomorrow, McKinsey partnered with the Institute of International Finance (IIF) to survey financial institutions around the world regarding their current and planned usage of ten key emerging technologies. (For details on research methodology, including the short-listing of top technology trends, based on global industry trends, see “Appendix: Approach and methodology.”) How are companies approaching emerging technologies? What emerging technologies are they adopting? How do they plan to secure and mitigate the associated cyber risks? What cybersecurity capabilities will be needed to successfully adopt and secure new technologies? Share Sidebar Appendix: Approach and methodology Of the emerging technologies included in the survey (see sidebar “Ten emerging technologies”), a majority of financial-services companies indicated that they are prioritizing adoption of and investment in four of them: cloud and edge computing, applied AI, next-gen software development, and digital identity and trust architecture (Exhibit 1). All four technologies are likely to see quicker adoption than advanced connectivity, future mobility, immersive reality, quantum, machine learning, and Web3. This is perhaps because of their widespread applicability and maturity, as well as their proven, value-based use cases for financial-services companies. Exhibit 1 We strive to provide individuals with disabilities equal access to our website. If you would like information about this content we will be happy to work with you. Please email us at: McKinsey_Website_Accessibility@mckinsey.com Share Sidebar Ten emerging technologies While these technologies can provide exponential benefits, they can also bring cyber risks that companies must mitigate using their existing cybersecurity capabilities. The research shows that current capabilities are falling short of addressing these risks. Most survey respondents also recognize the need to strengthen critical cybersecurity capabilities, including third-party or supply chain management and privileged access management (PAM). As companies continue to increase their reliance on newer technologies, they must ensure they have thought through and implemented the necessary risk management capabilities. Otherwise, they may find the risks outweigh the benefits. As the technology ..... https://lnkd.in/eCj8sHx2

The hashtag #technology sector is changing at a breakneck pace! The four most significant trends influencing the industry comprise: 📈 Scaling and capital markets: hashtag #Tech firms are concentrating on growth strategies amid changing economic conditions. 🛡️ hashtag #Cybersecurity and hashtag #data privacy: Prioritising hashtag #security in an increasingly digitalised world. 🤖 Artificial intelligence: The hashtag #AI buzz persists, propelling innovation and operational efficiency. 🌍 Global expansion: Businesses are broadening their reach internationally to access new markets. Delve deeper with insights from our senior analysts in North America: https://ow.ly/iOoo50SEylH

The 4 biggest trends shaping the technology sector - Tech companies are adapting to shifting economic conditions, AI hype and more. Delve deeper with insights from our senior analysts in North America: https://rsm.us/3S0t4bC #RSM #Technology #Tech #Cybersecurity #Data #Security #AI

Some good forward-looking thoughts on how AI & cybersecurity may be put under the spotlight in the years to come. Regardless of your political affiliation, the future of the digital world will require people in leadership roles to buy-in or be left behind. That goes double for those with government contracts. Is your organization's tech ready for 2025?

🚀 Exciting Insights from the Latest Report on Derisking Emerging Technologies in Financial Services 🚀 Financial institutions are at the forefront of adopting cutting-edge innovations in an era where technology evolves at lightning speed. However, with great power comes great responsibility, especially in cybersecurity. A recent collaborative report by McKinsey & Company and the Institute of International Finance (IIF) sheds light on how the financial sector navigates the waters of emerging technologies and the cyber risks they bring. 🔍 Key Highlights: - Based on a survey of 37 global financial institutions, the report explores the adoption of technologies like cloud computing, quantum computing, and AI, emphasizing their potential alongside inherent cyber risks. - It reveals a pressing need for more robust foundational cybersecurity capabilities to mitigate these risks effectively. - Surprisingly, there's a significant gap between the perceived importance of cybersecurity investments and actual spending. - Critical capability gaps identified include third-party management, IAM, PAM, cloud security, and data life cycle management. 📈 The Future is Now: The report calls for immediate action to future-proof our financial environment as we embrace technologies that promise exponential benefits. It stresses the importance of aligning technology investments with security capabilities, enhancing metrics and reporting, and addressing talent and technology gaps. 💡 Takeaway: The financial services industry stands at a crossroads between innovation and security. This report serves as a crucial wake-up call, urging institutions to bolster their defenses and ensure sustainable growth in the digital age. Let's engage in a meaningful dialogue on how we can collectively navigate these challenges and seize emerging technologies' opportunities. Your thoughts and experiences are invaluable as we chart the course towards a secure and innovative financial future. I highly recommend reading the full report #FinancialServices #Cybersecurity #EmergingTechnologies #DigitalTransformation #Innovation Veblen Director Programme Callum Laing Nam Phong Ho Hadi B. Michel Haddad Ignite Your Leadership Journey

What Trump’s Second Presidency Could Mean for AI, Cybersecurity, and Global Tech Dynamics: My Key Takeaways https://lnkd.in/dcwkvwGv The recent Forbes article on Trump’s return to the presidency sparked some intriguing insights into how this administration might shape the future of AI, cybersecurity, and tech competitiveness on a global scale. Here are my main takeaways: 1. The Race for AI Supremacy: The U.S. is accelerating its pursuit to lead the world in AI, especially with China as the primary competitor. The administration’s calculated risk in prioritizing rapid development could speed innovation but may open doors to vulnerabilities without adequate safeguards. 2. Deregulation and Innovation Risks: Trump’s approach leans heavily toward less oversight, pushing for faster tech growth in areas like AI and cybersecurity. While this can foster quicker advances, it also raises questions about potential gaps in security, especially in critical sectors where strong checks are essential. 3. Patents and Global Competitiveness: The article highlighted a stark gap in AI-related patents, an area where China has made significant headway. It’s a reminder that patents are not just legal instruments—they are key indicators of global competitiveness in tech. 4. Leadership Styles in Tech Policy: The contrast between Biden’s regulatory stance and Trump’s fast-paced, pro-business approach couldn’t be clearer. Trump’s administration appears committed to building a robust cybersecurity system for U.S. critical infrastructure, but the heavy reliance on major private firms prompts questions. Will this approach promote a concentration of wealth, or will it foster an environment where smaller businesses can also contribute to national security? 5. Data Centers and Cryptocurrency Implications: On an international level, we could see shifts that impact data center investments and cryptocurrency regulations. This could mean new opportunities for the UAE to attract more investment in data centers and related tech, aligning with its goals to become a global tech and financial hub. The pace at which the U.S. develops AI and cybersecurity measures will undoubtedly have ripple effects worldwide. For the UAE, which is actively advancing its AI, data, and fintech sectors, these shifts might bring fresh opportunities but also challenges as the global tech landscape evolves. My Question: How do we balance rapid innovation with secure, sustainable growth? And for those in the UAE and beyond, what steps can we take to prepare for these shifts in the tech landscape? #Cybersecurity #AIFuture #DataCenters #TechPolicy #GlobalInnovation #USPolicy #UAE #Cryptocurrency #NationalSecurity #TechTrends

🤖 𝘾𝙮𝙗𝙚𝙧 𝙘𝙡𝙤𝙘𝙠 𝙞𝙨 𝙩𝙞𝙘𝙠𝙞𝙣𝙜: 𝘿𝙚𝙧𝙞𝙨𝙠𝙞𝙣𝙜 𝙚𝙢𝙚𝙧𝙜𝙞𝙣𝙜 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙞𝙚𝙨 𝙞𝙣 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 💰 As financial-services companies around the world race to keep pace with a rapidly evolving #technology landscape, they should consider not only what benefits new #emergingtechnologies offer but also what #risks they introduce. 𝙇𝙖𝙣𝙙𝙨𝙘𝙖𝙥𝙚 🌆 #Cybersecurity is a major concern for #financialservices companies, especially as they adopt new emerging technologies. While these technologies can offer exponential benefits, they can also bring #cyberrisks that companies must mitigate. McKinsey & Company's and the Institue of International Finance's (IFF) research shows that current capabilities are falling short of addressing these risks. To derisk, companies must ensure they have thought through and implemented the necessary #riskmanagement capabilities. To prioritize their adoption of emerging technologies, companies indicate considering #cloud and #edgecomputing, applied #AI, next-gen #softwaredevelopment, and #digitalidentity and #trust architecture. These four technologies are likely to see quicker adoption than others. 𝘾𝙖𝙡𝙡 𝙩𝙤 𝙖𝙘𝙩𝙞𝙤𝙣 🎯 However, companies must ensure their technology priorities are aligned with their security capabilities and that they are investing in the right technologies and cybersecurity capabilities. It's also important for companies to have the right #metrics and #reporting in place to accurately and confidently measure against their #riskappetite, provide #transparency to #regulators and #executives, and identify strengths and weaknesses. Additionally, having the right #talent to close capability gaps is crucial, not just to maintain existing capabilities now but to support future maturity and #technology expansions. As the cyber clock ticks, financial-services companies must prioritize derisking emerging technologies to ensure they can reap the benefits while mitigating the risks.

📈 **NZ Tech Sector Shows Resilience Amid Global Challenges** 🌍💻 Despite global geopolitical and regulatory headwinds, New Zealand's **tech sector** remains resilient and poised for growth, according to DLA Piper's 2024 Tech Index Report. With a strong focus on **AI**, **cybersecurity**, and **sustainability**, the sector is evolving rapidly, even as it faces challenges like AI expertise gaps and the need for enhanced digital security. Nick Valentine, Head of Technology at DLA Piper Auckland, highlights that **AI and innovation** are driving optimism, with 63% of global respondents seeing AI as key to future success. However, gaps in digital security and sustainability frameworks signal areas for improvement. 📊 While challenges remain, confidence in the future of tech is growing, with 83% of decision-makers expressing trust in **5G security**. 🌐 For more insights, visit [www.techonwheels.co.nz](https://lnkd.in/dP6vPAj6) #NZTech #AI #Cybersecurity #Sustainability #TechGrowth #TechOnWheels

Breaking the Barriers: UK Government's Futuristic Tech Bills Propel AI, CyberSecurity & Resilience 🚀🌐💻 If you've been keeping tabs on the tech news, you will know that a major shift is coming. The UK Government is strengthening the backbone of the tech industry with groundbreaking legislation in the areas of AI, Cybersecurity, and Resilience🛡️🔐🧠! Major players such as IBM and Google should be on alert as these new bills promise to usher in a new era of tech innovation. This seismic move seeks not just to strengthen the UK’s position globally, but to increase resilience and security on home turf 🌍. Imagine a safer cyber landscape, impervious to attacks💪, rich with opportunities🪁and a digital economy predicated on robust, sustainable AI landscapes. That's the exciting future we're gunning for! For businesses and tech enthusiasts alike, this is a call to adapt and ride the wave of this sweeping strategic shift. With new legislation, comes new opportunities🚪🌟! As always, keep yourself updated on such transformative happenings by tuning into our daily episodes here: https://lnkd.in/e-v9tnBm. Together, let's plug into the future, today! #Technology #Innovation #UKTechLaws #AI #CyberSecurity #Resilience #TechNews #BusinessOpportunities 💡📲💼🚀