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Unraveling five essential cybersecurity priorities for banks

Cyber threats are a persistent top risk in banking. CISOs can be more effective at addressing them.

聽In the increasingly digital world of banking, cybersecurity has shifted far beyond the technological or risk management realm. It is a fundamental strategic capability, necessary for building brand trust, harnessing the potential of emerging technologies, innovating new digital features and offerings, and complying with the growing privacy and security demands of customers and regulators. The 2024 U.S. Banking Industry Outlook Survey found that cybersecurity risk poses the greatest threat to growth, ahead of all other risks.

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Unraveling five essential cybersecurity priorities for banks

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Key Insights:

1

technology
Cybersecurity risk is the top threat to growth in the banking industry, according to the 2024 U.S. Banking Industry Outlook Survey.

2

Transportation on light
Despite the belief that most banks have adequate cybersecurity measures in place, 55% of executives are increasing their budget to address cyber risk.

3

Resource on light icon
Regulatory scrutiny and action have emerged as significant drivers of cyber risk in the banking sector, with an increase in both the volume and depth of regulatory inquiries.

4

Security
Integration of emerging technologies, such as AI and automation, presents new risks for the banking industry, requiring increased cybersecurity efforts.

Cybersecurity is well known as a strategic imperative in the banking industry, but awareness hasn鈥檛 translated to sufficient risk reduction. Relentless cyber threats remain a foremost threat to bank growth, requiring CISOs to really home in on the most difference-making security capabilities.

Matthew Miller

US Financial Services, Cyber Security Leader, 乐鱼(Leyu)体育官网 LLP

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Meet our team

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Matthew P. Miller
Principal, Advisory, Cyber Security Services, 乐鱼(Leyu)体育官网 US

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