Focus Report: Banking’s Cybersecurity Blind Spot—and How to Fix It

7. August 18

We are happy to announce that QuoScient and The Boston Consulting Group released a first joint Focus Report on the topic of Banking Cybersecurity.

Information and IT security is a major concern for banks, their customers, and the wider financial system. Cyberattacks are now a daily occurrence, threatening billions of dollars of assets and the data of millions of customers. Executives understand that they need to act, but very few have a grip on the threat or an effective plan to respond.

Missing the Digital Threat
Too many banks have an information security blind spot. They lack a clear view of their key assets and don’t see the threats in the digital shadows. Information and IT security is too often siloed in the IT function and does not receive enough senior management attention. Many banks still rely on perimeter defenses built over the past decade, which do nothing to frustrate clever attackers. A better approach is to accept the inevitability of a breach and focus on detection and response.

Building the Secure Banks of the Future
Banks must assess their risk tolerance and rebuild their operating models to reflect that assessment. Strategy, governance, risk management, IT architecture, and culture will likely need reinforcement. Once the new framework is in place, they must invest in platforms and operational capabilities to provide 24-hour protection. There will be a cost, but it will be low compared with the potential cost of doing nothing.

Find the full report for download Focus Report in Banking Cybersecurity.