Every business is at risk of a cyber attack every day. But some sectors – like banks and financial institutions – are bigger targets than others.
The reasons may seem obvious, but besides the “money” aspect, banks are also attractive to cyber criminals for the following reasons:
- Their biggest assets are mainly electronic
- The vast amount of transactions and communications make them more vulnerable to intrusion
In addition to the financial and reputational risks of a cyber attack, banks could also face criminal risks if it is determined that the attack was the result of regulatory noncompliance. The banking industry is highly regulated, and the controls are always tightening when it comes to security and the protection of sensitive data.
So banks must try to stay one step ahead of cyber criminals in the sophistication of their security systems. But that’s not happening to the extent it should be, according to a survey by Ernst & Young (EY).
EY’s Global Information Security Survey shows that the amount that CFOs are investing in cyber security is not keeping up with the increasing complexity of cyber attacks.
- 74% of organizations say their cyber security measures only partially meet their needs.
The survey also discovered that most organizations only have a moderate level of cyber security, in which they react only when an attack has been detected instead of anticipating and preparing for attacks before they happen.
According to the report, in order to stay one step ahead of cyber criminals, banks need to shift their focus from detection to prevention. It recommends that CFOs work with IT and the board to take stock of where they stand and where they need to be, and then fill in the gap with a mature cyber security plan aimed at safeguarding the bank’s critical assets.
Which assets should you protect? Learn 7 Questions CFOs Should Ask Themselves About Cyber Security.
For more about cyber security and digital transformation, download the SAP eBook, Digital Disruption: How Digital Technology is Transforming Our World.
For an in-depth look at how the digital era is changing business, download the SAP eBook, The Digital Economy: Reinventing the Business World.
To learn about the changing technology landscape in the banking industry, read the 3 Greatest Challenges Of Core Banking Transformation and discover 4 Top Challenges Facing the Banking Industry Right Now.
Cyber security is no longer just the CIO’s domain. Find out Today’s #1 Cybercrime Fighter (It’s Not Who You Think).
How can you get ahead of cybercrime? Read Fighting Cybercrime: The 3 A’s Of Readiness.