31 October 2024 Cybersecurity Awareness Month: Building resilience together

This October, as we reflect on Cybersecurity Awareness Month, let’s re-emphasise our collective commitment to securing our digital assets, protecting sensitive information, and empowering every team member to remain vigilant against cyber threats. 

This month-long initiative highlights a fundamental truth: cybersecurity is everyone’s responsibility, and by fostering a culture of awareness, we can collectively mitigate risks and strengthen our resilience. 

As a cornerstone of the global economy, the financial services industry, encompassing banking, investment, insurance, and asset management, handles vast amounts of sensitive data, making it a prime target for cyber threats. The rise of online services has amplified the range of attack surfaces, presenting new challenges in safeguarding digital platforms against increasingly sophisticated adversaries. 

While digital transformation brings enhanced customer experiences and operational efficiencies, it also introduces complex cybersecurity risks such as the expansion of mobile banking, fintech, regtech and AI solutions. As traditional financial services merge with digital innovations, the need for a strong cybersecurity position has never been greater. 

With human error a component in over 80% of data breaches, empowering our staff with cybersecurity knowledge is essential. Simple actions, like avoiding phishing emails or strengthening passwords, can significantly reduce risks. 

Cybersecurity Awareness Month highlights the importance of equipping every team member with the tools and understanding to actively protect the organisation. 

At Oak, Cybersecurity Awareness Month is a catalyst, but our commitment to security extends well beyond October. 

Building a resilient cybersecurity culture requires ongoing engagement, education, and reinforcement. Oak has recently migrated its on-premises infrastructure to the cloud. We employ layered defence strategies to protect our data and infrastructure, including firewalls, intrusion detection systems, and application security. 

In addition, Zero Trust frameworks, which require strict verification for every device and user, limit potential compromises by assuming threats could originate from within or outside the network. Regular risk assessments and incident response strategies, backed by business continuity and disaster recovery plans, ensure our teams are prepared to swiftly address threats and resume operations after disruptions. 

Effective cybersecurity in the financial sector must be proactive, adaptive, and resilient. 

Rather than merely responding to threats, we must anticipate and mitigate risks before they materialise. This requires leveraging cutting-edge technology, maintaining a skilled and aware workforce, and fostering industry-wide collaboration to protect both our institution and our customers. 

Oak’s proactive, company-wide approach to cybersecurity relies on the active participation of every team member, from leadership to frontline staff. Cybersecurity Awareness Month provides a moment to celebrate our shared commitment and recognise the strides we are making together. 

To all employees: thank you for your dedication to Oak’s cybersecurity journey. Your vigilance and commitment to staying informed make us a stronger, more resilient organisation. As we move forward, let’s continue working together to defend against ever-evolving cyber threats and safeguard the data entrusted to us. 

Together, we’re building a safer digital future, this month and every month to come.