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Complete Story
11/25/2019
Are banks too confident in their cybersecurity protections?
RSM
Financial institutions have invested a significant amount of time and resources into developing their cybersecurity resiliency, driven by increased executive, regulatory and customer demands. However, with the growing number and severity of potential cyberthreats, are institutions too confident in their existing protections and controls? The perception of threats and breaches is changing for many banks as their risk strategy shifts.
The 2019 RSM US Middle Market Business Index Cybersecurity Special Report showed a potential disconnect between the confidence middle market executives have in their current cybersecurity measures and the rising number of incidents. In the survey, 93 % of respondents claim that they are confident in their organization’s measures to safeguard sensitive customer data or their own environments. While the number of reported data breaches has actually tripled in the last five years, the level of confidence continues to rise.
This data seems to point to a false sense of security and thinking “it can’t happen to us,” but that may not always be the case. In fact, many institutions are more accepting that an incident is inevitable with the persistence and reach of hackers and cybercriminals.
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