Banks are responsible for protecting the most sensitive of personal information for all of their customers. With access to our social security numbers, home address, phone numbers, and financial information, banks must prioritize protecting this data from cyber breaches. Today, the majority (78%) of security executives working in the banking and finance industry express confidence in their organization’s cyber security strategies. Yet, banks are being attacked more frequently, and with more success. Over ⅓ (36%) of cyber breach attempts on banks are successful in obtaining sensitive data.
Cyber criminals are developing more complex methods to attack end users and infiltrate organizations. Over the last 10 years, computer hacking has evolved from rogue individuals trying to showcase their abilities to organized cyber crime groups with access to large amounts of funding and resources at their disposal. Banks must go beyond GLBA compliance and start taking a proactive approach to cybersecurity in order to mitigate the risk of customer information being obtained through a cyber attack. Cyber awareness training is the first step that organizations can make to increase security awareness and lower the risk of a successful breach. Employees can pose the largest threat to an organization's cyber security, but through compliance training and cybersecurity education, they can be your organization's greatest defense.
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WATCH: Beyond digital: cybersecurity beyond compliance