Cyberattacks are expensive, but it’s even more expensive to repair the damage they cause. Financial institutions often lose money due to data breaches and phishing attacks, but the costliest loss isn’t monetary – it’s reputational damage that leads to customer distrust. This begs the question, “Is your bank budgeting enough for cybersecurity?”
Cybersecurity budgets come in many sizes, but to properly support cybersecurity resources, the allocations to IT and cybersecurity must be separate.
CIO’s 2019 State of the CIO survey asked IT executives from around the world to estimate what percentage of their institution’s IT budget was focused on security. The average response was 15 percent. When asked what initiatives will be most significant in driving IT investments at their organization in the future, 40 percent of respondents cited the need to increase cybersecurity protections.
Clearly, as more focus shifts to cybersecurity, it is important to reflect cybersecurity strategy in your budgeting process. However, cybersecurity is also inherently transversal, meaning it requires partnerships between the C-suite, IT, compliance and other departments.
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