Since we deal with the majority of banks in our industry, one trend that we noticed is the number of banks that are using email authentication in 2017. Only a handful of banks had email authentication back in 2016, and now it seems that about one-in-twenty community banks do from our data.
As more banks get hit with data breaches, and banks are increasingly forced to disclose those breaches, a new (2017) study by CapGemini show that 69% of bank customers in the U.S. would switch banks due to a data breach. The study shows that the more data breaches occur, the more customers are sensitive to the issue and the more likely they are to move. This means that banks not only need to step up their cybersecurity defenses but also need to increase educational content around their level of protection and their commitment to data security.
Early this year, we strongly recommended that banks changing their mindset when it comes to protecting against hackers (HERE). Instead of thinking of IT perimeter security, banks need to assume the bad guys are going to get through their perimeter defenses and need to design their system in order to compartmentalize information. We even provided banks our cyberattack plan that would have been helpful for any bank that found themselves in Sony’s loafers.