As the process of protecting systems, networks and endpoints from attack, cybersecurity is critical to any organization. Since banks must protect customer data, keeping up with evolving cyber threats and concerns is vital. In its annual "Banking Priorities" survey, CSI asked bankers across the country about their views on top cybersecurity challenges. This article explores how bankers view the changing cybersecurity landscape. EXPLORING BANKERS’ TOP CYBERSECURITY CONCERNS As part of our country’s critical infrastructure, financial institutions are prime targets of cyberattacks and must navigate an evolving threat landscape. Let’s examine the breakdown of bankers’ top cybersecurity concerns in this year’s survey: • Adapting to Changes in the Cyber Insurance Market: The results reveal that 19% of bankers view this as their top concern, which is unsurprising as cyber incidents continue to rise. In addition to cybersecurity monitoring solutions and increased personnel training, cyber liability insurance provides another layer of protection for institutions in the event of an attack. This result highlights a potential uncertainty about upcoming developments in the cyber insurance market, whether regarding price increases or coverage exceptions. Institutions should carefully review their coverage, and some are seeking assistance from IT governance services to evaluate their needs. 2024's Top Cybersecurity Threats BY STEVE SANDERS, CHIEF RISK OFFICER AND CHIEF INFORMATION SECURITY OFFICER, CSI • Being Unprepared to Respond to a Cyber Attack: 18% of bankers expressed concern with their preparedness for cyberattack responses. As incidents evolve, institutions must ensure they plan accordingly, including developing and testing robust incident response plans (IRPs) that detail the steps to take in the event of a cybersecurity incident. Having an established IRP makes it easier for institutions to act decisively and minimize negative consequences if faced with a cyberattack. • Lack of Compliance with Cybersecurity Frameworks: 17% of bankers selected lack of compliance with cybersecurity frameworks as a top concern. Implementing robust cybersecurity frameworks, such as the National Institute of Standards and Technology’s Cyber Security Framework (NIST CSF), helps institutions identify and apply solid controls in high-risk areas. Proven frameworks also enable banks to maximize compliance initiatives and cybersecurity spending. • Cyber Risks Not Being a Priority for Executive Leadership: This year, 17% of respondents indicated concern that cyber risks are not a priority for their institution’s executive leadership. Institutional leadership should recognize cybersecurity as a business issue, and a chief information security officer (CISO) plays an important role in guiding cybersecurity spending. 16 | CURRENCY
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