46% of institutions considered that the number of cyber incidents increased due to the COVID-19 pandemic
LUBBOCK, Texas (PRWEB)
May 27, 2021
On May 25, Tandem released the third annual report, The State of Cybersecurity in the Financial Institutions Industry. The report provides a unique insight into IT and cybersecurity trends in the financial services industry. The 50-question survey was sent to people working in the computer security or computer function of U.S. financial institutions. The survey remained open from November 1, 2020 to April 15, 2021. At the end of this period, Tandem received 240 responses to the survey.
After studying and analyzing the data, the report authors provided several interesting trends and takeaways. Here are some of the many trends discovered in the report:
- Of those surveyed, 31% provide the Board of Directors with monthly updates on compliance and cybersecurity.
- 79% of institutions outsourced part or all of their cybersecurity program
- Half of respondents said the IT budget would increase by 2021
- 34% of institutions said their cybersecurity budget increased due to the COVID-19 pandemic
- Cloud services are increasingly being adopted, with 44% of institutions planning a dedicated IT budget for cloud software and services.
- The first 3 incidents experienced in 2020 were cybercrimes, involuntary inside news and hacktivists
- 46% of institutions considered that the number of cyber incidents increased due to the COVID-19 pandemic
The report picks up on trends from previous years to compare them.
To view the full analysis, download the free report: https://tandem.app/2021-cyber-report
As for the report
The 30-page report provided by Tandem is divided into eight categories related to cybersecurity:
1. Supervision of the board
2. Personnel and planning
5. Cybersecurity tools
6. Response to incidents
7. Warranty and testing
8. Supplier management
Of the 240 respondents, 78% represented banks, 16% represented credit unions and 5% represented other institutions such as mortgage and trust companies. The size of the institutions ’assets varied, with 57% representing institutions with assets of between $ 100 billion and $ 1 billion – a good representation of community banks.
How to access the report
Access the financial institutions ’industry report on the state of cybersecurity in 2021 by visiting https://tandem.app/2021-cyber-report and download the report.
As for Tandem
Tandem is a web-based application designed to help with information security governance, risk management and compliance. Companies that need to comply with information security regulations can easily manage compliance, improve information security, and reduce overhead costs. Service providers are invited to partner with Tandem through the Tandem Partner Program. By partnering with Tandem, information security consultants can provide a more streamlined experience to their clients. Tandem is developed by Tandem, LLC, a CoNetrix company.
Tandem software products
- Audit Management
- Business continuity planning
- Compliance management
- Cyber security
- Identity Theft Prevention Program
- Incident management
- Internet banking security
- Risk Assessment
- Social media management
- Supplier management
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