Navigating Cybersecurity in Banking

This document is a research report that discusses the current state of cybersecurity in the banking sector, focusing on consumer trust and the challenges faced by banks in securing their operations. It highlights that while consumers generally trust their banks, there is significant concern regarding third-party security and the overall banking ecosystem. The report cites statistics indicating that a large percentage of banking customers are worried about data security and potential cyber threats. It also notes that many banks have experienced material impacts from cyber incidents linked to third parties. The report outlines key practices identified among the top-performing banks, termed 'Guardians of Trust,' which emphasize responsible security, secure innovations, and ecosystem competence. These practices are crucial for maintaining customer trust amid increasing cyber risks. Furthermore, the report discusses the importance of transparent communication about cybersecurity practices and the need for banks to align their security measures with technological advancements, particularly in the context of generative AI.