Banking Cybersecurity: Confidence Vs. Reality

Cyber Attacks ConceptHow safe do you think your money really is? While most banks have pretty high levels of confidence in their cybersecurity, that confidence isn’t always backed up when put to the test.

That’s the finding of a global survey of security executives among the banking and capital market sectors. It found that 78% of executives expressed confidence in their security strategies – with more than half reporting high levels of comfort in:

  • Ability to identify cause of a breach (51%)
  • Measure the impact of a breach (51%), and
  • Manage financial risk following a cybersecurity event (51%).

That’s a bold opinion, but in 2016, respondents reported 85 serious attempted breaches each year. One in three of these targeted attacks resulted in a security breach – or three effective attacks each month.

But while this may give this impression of a sector constantly under siege, many of those surveyed seem over-reliant on compliance frameworks, and seem hesitant to invest in cybersecurity:

  • 43% – 59% would spend extra budget on protecting company/customer information over other risks
  • 28% would invest in mitigating financial losses, and
  • Only 13% would invest in cybersecurity training.

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