Today, IT Managed Service Provider, Integris, revealed that only slightly more than half (53%) of banks believe they are spending enough on cybersecurity, while 1 in 5 think they spend too little. These insights were identified in a recent survey among 2,271 executives at U.S. banks and discussed in Integris’ latest report, “Understanding U.S. Banks’ Annual IT Spend.”
However, most alarming is the 47% of banks that cannot say they are confident in their cybersecurity investments but do say they’re satisfied with their existing cybersecurity program. According to Cal Roberson, Director of Strategic Partnerships at Integris, “Banks face a serious dilemma. They must maintain a strong security posture but are faced with the significant potential for declining earnings, coupled with a shortage in resources and talent. As we move into a New Year, this will continue to be a challenge, but banks must ensure robust security measures.”
With banks holding a significant amount of customer information, their data is becoming just as valuable to bad actors as the cash the banks protect. This means cybersecurity investments have never been more essential, helping to protect customer data, safeguard against potential breaches and maintain client trust. This is especially relevant in today’s digital banking environment – and banks know this. According to the survey, 30% of banks rank cybersecurity as a top priority for IT spending in 2024.
In addition to these investments, banks must also ensure regular and systematic evaluations of those investments and continuously assess the effectiveness of its processes and technology, as well as adapt to new challenges and technologies. Banks cannot afford to slip behind in their cybersecurity spend or delay investments, leading to a greater expense later. Ultimately, the risk to the bank is far too great.
Integris’ new report identifies bank executives’ top strategic priorities within IT and technology for 2023 and 2024. The survey was conducted online from June 12-30, 2023, among 2,271 executives at U.S. banks.
For more insights, download the full report here.