Washington, D.C. — BITS, the technology policy division of Bank Policy Institute, released a report today developed from a survey of 23 top financial services firms assessing boards of directors’ current approach for addressing cybersecurity trends, challenges and solutions. The survey, conducted in collaboration with McKinsey & Company, found boards are investing considerably more time and attention in addressing issues related to cybersecurity resilience. The survey consisted of 14 questions across three broad areas: oversight; structure; and awareness.
Some of the key findings from the survey are included below:
- 95% of board committees discuss cybersecurity and technology risks four times or more per year
- 65% of respondents said that they have at least one board director with expertise in cybersecurity and/or technology risk
- 65% of firms integrate cybersecurity and operational resilience when reporting to the board, while an additional 9% plan to do so soon
“Leaders in the financial services sector recognize that cybersecurity threats can have catastrophic effects on not just an individual firm, but potentially the critical infrastructure that powers the financial system. This survey demonstrates that firms are taking action to implement necessary safeguards with thorough oversight at the most senior levels,” stated BPI Executive Vice President and President of BITS Chris Feeney.
In addition to the survey findings, the report outlines some of the ongoing challenges that boards are facing and presents recommendations for boards to consider incorporating in their own cybersecurity strategies and governance structures.
About the Bank Policy Institute. The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.