As financial institutions increasingly adopt modern infrastructure and cloud services, the cybersecurity landscape becomes more complex, necessitating a proactive approach to threat detection and continuous monitoring, as highlighted in a study co-sponsored by ThoughtLab. While 91% of financial services companies are progressing in their maturity against the National Institute of Standards and Technology (NIST) framework, there remain significant steps to bolster security, especially in light of new risks associated with cloud migration. The study identifies key strategies for enhancing cybersecurity, including the adoption of advanced technologies like Security Information and Event Management (SIEM) and Identity and Access Management (IAM), as well as consolidating tools to improve system visibility. Addressing the global shortage of skilled cybersecurity professionals, firms are encouraged to invest in recruiting, upskilling, and retaining specialists, with many opting to outsource security operations. The role of the Chief Information Security Officer (CISO) is expanding, and a collaborative effort across the C-Suite is essential to foster a security-first culture that aligns with stakeholder and customer expectations.