The financial sector saw 148 data breaches in 2017, with 92% of threats coming from external sources. There’s no question that security threats put your organization and your customers’ sensitive information at constant risk, potentially costing you in customer loss, diminished trust in your brand, regulatory fines, class action lawsuits, and even jail time.
Protecting sensitive and regulated information should be an executive leadership priority for banks, and it is for security-minded executives. Yet, in banking, IT security is often put into the “IT corner.” Getting your executives to invest in cybersecurity requires an understanding of risk and the likelihood of being ill-prepared. Often, two dynamics are at play: executives don’t understand and technologists are not good communicators.
Instilling a culture of security starts with information governance.