BRENTWOOD, Tenn. – A 2015 Bank Director “risk practices” survey revealed that 82 percent of bank executives and directors say cyber security is the top risk facing their financial institutions.
The survey, which include 149 CEOs, chief risk officers, senior executives and independent directors of U.S. banks with more than $500 million in assets, also found that about half of participants said preparing for a cyber attack is one of the biggest risk management challenges.
Bank Director, based in Brentwood, Tenn., also found that despite the heightened concerned, the majority of participants – about 60 percent – dedicate less than 1 percent of revenues to cyber security in fiscal 2014, according to a release.
“This has to be a wakeup call for bank boards,” says company director Al Dominick in a statement. “Cyber security remains an emerging, nuanced and constantly evolving issue and bank boards need to better focus on corporate governance related to cyber security, how to defend the bank against breaches and the security of third-party vendors.”
