2024 IT BUDGETING GUIDE Where to Allocate Your Bank’s Resources By Mike Gilmore, Chief Compliance Officer,RESULTS Technology Technology changes so quickly — what will be worth investing in just a year from now? Rather than trying to predict the future, we’ll focus on what’s relevant and important today. By allocating your bank’s resources efficiently, you can better protect against cyber threats and ensure your operations run smoothly. In this guide, our banking security experts break down the key areas where your IT budget should be directed in 2024. What Should Get Your Attention This Year? 4 Areas of Your IT Budget That Will Give You a Return on Investment A few small changes in your IT budget for 2024 can save you from a much larger headache and financial loss down the line. 1. Multi-Factor Authentication (MFA): Enhancing Security Without Compromising Experience MFA — everyone’s (least) favorite security topic. But, contrary to common misconceptions, MFA doesn’t have to be a cumbersome process; it can be seamlessly integrated into user experiences. For instance, adopting biometric authentication — like fingerprint, facial recognition or iris scans — augments security while enhancing user convenience. Banks can implement MFA across various touchpoints, such as online banking platforms and mobile apps, fortifying security without impeding customer usability. Furthermore, MFA isn’t solely limited to user-facing interfaces. Implementing MFA across internal systems, privileged access and administrative controls strengthens the overall security posture of the bank. Combining password-based authentication with hardware tokens or one-time passcodes ensures multifaceted protection against unauthorized access. We know that people don’t like entering a code or confirming through an app. But in the few seconds it takes for you to confirm your identity, you stop attacks that could cost you thousands, even millions. 2. Cybersecurity: Leveraging XDR and EDR for Comprehensive Threat Management Cybersecurity continues to evolve, demanding proactive measures to combat sophisticated threats. Extended Detection and Response (XDR) and Endpoint Detection and Response (EDR) solutions redefine threat detection and mitigation within banking IT infrastructure. Unlike traditional Security Information and Event Management (SIEM) tools, XDR and EDR amalgamate data from diverse sources. For banks, the real-time monitoring capabilities of XDR and EDR are crucial. These solutions not only detect anomalies but carry out automated responses, such as isolating compromised endpoints to prevent ransomware from spreading. Their capability to interconnect data spanning various networks, endpoints and cloud infrastructures empowers banks with a holistic view of potential threats. NEBRASKA INDEPENDENT BANKER 13
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