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The strategic side of cybersecurity governance

August 26, 2019 Article 2 min read
Authors:
Scott Petree

Most financial institutions’ cybersecurity programs are tactical or project-oriented. This piecemeal approach to cybersecurity is inefficient and increasingly risky, given the number of new compliance requirements and privacy and security laws. Do you have a comprehensive strategy? Read more at BankDirector.com.

A group of staff members discussing cybersecurity governance inside a glass conference room.

With new compliance requirements and privacy and security laws, there’s a growing need to ensure financial institutions have comprehensive cyber risk governance strategies. Most financial institutions have cybersecurity programs that are tactical or project-oriented, but this piecemeal approach is inefficient and increasingly risky. That’s why it’s critical for banking industry executives to oversee the development of a cyber risk governance strategy.

Having a cyber risk governance strategy helps banks:

  • Effectively manage the audit & security budget.
  • Reduce legal exposure.
  • Get in front of cybersecurity at an organizational level.

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