Four worries bank cybersecurity experts face

Few banks have a corporate leadership structure that puts cybersecurity executives close to the top of the organization, according to a recent survey of such executives at financial institutions.

The survey results, released by cloud computing and software company VMWare, show that 80% of chief information security officers report to chief information officers rather than the CEO. Experts disagree over whether that is the appropriate reporting structure, with some saying it creates a major governance issue and others saying CISO promotions are unnecessary.

The survey also highlights the types of threats outside their walls that bank cybersecurity officers are increasingly worried about. These include the targeting of nonpublic information, the security shortcomings of cryptocurrency exchanges and hacks that hit tech partners, all of which impact the security of banks in various ways.

VMWare surveyed 130 chief information security officers and security leaders at financial institutions, 41% of which were headquartered in North America. The company conducted the survey in February 2022.

Here is a look at some of the tactics of highly sophisticated threat actors, third-party threats banks face and what cybersecurity experts believe their institutions ought to do about them.

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