A look into aggregate data from 2020 and recent surveys of information security teams found commonalities in the concerns of financial institutions regarding FFIEC cybersecurity compliance.
The briefing is designed to provide insight into current challenges and planning efforts of banks and credit unions as we transition into 2021. The data comes from 1,310 regional and community financial institutions and covers four categorical challenges:
Costs + Talent Institutions' dedicated spend on cybersecurity compliance, and their ability fill information security roles
Vendor Management Financial institutions' strategies and views on building relationships with cybersecurity compliance vendors
Remote Work Challenges faced by banks and credit unions after the abrupt implementation of remote work environments in response to the pandemic
Cyber Liability Insurance Institutions’ adoption of cybersecurity insurance as a primary strategy to reduce the organizations’ exposure to risk.
The briefing also includes a number of recommendations and industry best-practices that financial institutions can draw on to strengthen their cybersecurity compliance practices.