5 cybersecurity myths banks should stop believing:
Hacker standing on rooftop with digital business interface and night city view. Hacking and technology concept. Double exposureIn his 2019 letter to shareholders, JPMorgan Chase's CEO Jamie DimonThis isn't news to bankers. In Cornerstone Advisors' annual
I'm all for a Chief Information Security Officer , but many business execs think that, by having one, that person has the cybersecurity efforts under control. I may be responsible for the security of the bank’s information, but it’s the executive team and functional heads who must ensure that we manage and mitigate the day-to-day operational risks of cybersecurity efficiently and effectively.”
In addition, cyberincidents require communications with the institution’s customers, employees, partners, and media. The executive team and board should help script the organization's responses.According to a study from Nationwide, banks with less than $1 billion in assets were the victims of nearly half of all bank-related cyber-crimes between 2012 and 2017.
Although a number of governments around the world have launched identity initiatives, the prospects for a digital identity scheme in the US on par with other countries looks slim for the short-term.
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