Meanwhile, a sizable 44% of respondents, according to ACA Group, are concerned about how the SEC's new cybersecurity rules will be implemented. In an effort to help businesses navigate the constantly changing world of cybersecurity risks and laws, ACA Aponix (a division of ACA Group) and the National Society of Compliance Professionals (NSCP) collaborated to create this bi-annual study.

44% of survey participants said they were unsure about the SEC's enforcement strategy for its cybersecurity regulations. Furthermore, 36% of compliance specialists expressed worries about fulfilling the SEC's timelines and procedures for reporting cyber incidents. This demonstrates the industry-wide concern about regulatory readiness and adhering to changing cybersecurity regulations.

The report provides insight into the industry's cautious approach to cybersecurity risk management with artificial intelligence. Notably, 27% of respondents do not think AI has any relation to cybersecurity at all, and 38% of respondents have not yet identified AI as a possible danger to cybersecurity. Nonetheless, a rising number of experts (49%) are investigating AI as a cybersecurity tool, demonstrating a desire to use technology to improve cybersecurity defenses.

Ransomware (67%), payment fraud/business email breach (70%), and privacy threats to personally identifiable information (52%), according to respondents, are the top cyberthreats causing them concern. Remarkably, just 5% of respondents thought that deepfakes could pose a threat, which is the least concerning thing to be concerned about. This demonstrates how differently the financial services industry views cyber threats and emphasizes the value of customized cybersecurity plans.

Of compliance professionals, over 79% are convinced that their company is prepared to handle a cyber attack, even though only 40% have tested their response plan outside. Similar levels of confidence are evident in handling unplanned system failures, with 83% of respondents saying they are confident in their company's readiness. Moreover, 85% of those who have cyber insurance emphasize the importance of insurance in reducing cyber risks and see it as a crucial instrument in their risk management toolkit.

Concerns over vendor cybersecurity practices were also raised by the poll. Due to possible supply chain vulnerabilities, more than half of the companies (51%) have not renegotiated vendor contracts to include extra cybersecurity measures in the recent two years.

The importance of the poll was highlighted by Mike Pappacena, Partner at ACA Aponix, who said, "Our survey findings underscore the critical importance of staying ahead of evolving cybersecurity threats." Clearly, one of the key concerns is still regulatory compliance, as over half of the respondents voice doubts about SEC enforcement. At ACA, we're dedicated to giving our clients solid regulatory advice and practical solutions to help them overcome these obstacles.

"The Cybersecurity Benchmarking Survey continues to be a valuable resource to compliance professionals seeking insight about current and emerging cybersecurity trends, policies, and challenges across the financial services industry," said Lisa Crossley, Executive Director at NSCP, in addition to highlighting the survey's benefits. Our collaboration with ACA Group to assist businesses in prioritizing their cybersecurity strategies is something we are really proud of.