Check Your Blind Spots By Randall Saunders, Partner, and Jonah Samples, Senior Associate, Nelson Mullins Riley & Scarborough LLP Even the most responsible driver can be caught unaware by an accident if they fail to check their blind spots when operating a vehicle. Technology like lane assist features can help, but may also create risk when people become too reliant on it. The same is true when it comes to cybersecurity. A company’s cybersecurity risk management plan will probably include the critical basics, like IT protocols and employee training. Still, when it comes to cybersecurity in the banking industry, oversights related to insurance and third-party risks can blindside businesses. Turn Off Autopilot for Cybersecurity in the Banking Industry Data breaches are becoming more common and costly. In 2023, there were 744 data compromises in the U.S. financial services industry, a drastic increase over the 138 breaches reported in 2020. Globally, the average cost of a single data breach in the financial sector in 2023 was nearly $6 million. Mitigating cybersecurity risks in the banking industry has become more challenging. Meanwhile, insurers have Cybersecurity in the Banking Industry 21 West Virginia Banker
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