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.
