2021 Cybersecurity Report Provides Insight into Financial Institution Industry

2021 State of Cybersecurity in the Financial Institution Industry

2021 State of Cybersecurity in the Financial Institution Industry

46% of institutions felt that the number of cyber incidents increased due to the COVID-19 pandemic

On May 25th, Tandem released the 3rd annual report, The State of Cybersecurity in the Financial Institution Industry. The report provides unique insight into IT and cybersecurity trends in the financial services industry. The 50-question survey was sent to individuals in the IT or information security role of financial institutions across the United States. The survey remained open from November 1, 2020, through April 15, 2021. At the end of that timeframe, Tandem received 240 survey responses.

After studying and parsing the data, several interesting trends and actionable takeaways were provided by the authors of the report. Here are a few of the many trends discovered in the report:

  • Of those surveyed, 31% provide their Board of Directors monthly cybersecurity and compliance updates
  • 79% of institutions outsourced some or all of their cybersecurity program
  • Half of respondents said their IT budget is increasing in 2021
  • 34% of institutions said their cybersecurity budget increased due to the COVID-19 pandemic
  • Cloud services are becoming more widely adopted as 44% of institutions anticipate dedicated IT budget to cloud software and services
  • The top 3 incidents experienced in 2020 were cybercriminals, unintentional insider, and hacktivists
  • 46% of institutions felt that the number of cyber incidents increased due to the COVID-19 pandemic

The report pulls trends from previous years for comparison.

To see the full analysis, download the free report: https://tandem.app/2021-cyber-report

About the Report
The 30 page report provided by Tandem is divided into eight cybersecurity related categories:
1. Board Oversight
2. Staffing & Planning
3. Budgeting
4. Training
5. Cybersecurity Tools
6. Incident Response
7. Assurance and Testing
8. Vendor Management

Out of 240 respondents, 78% represented banks, 16% represented credit unions, and 5% represented other institutions such as mortgage and trust companies. The asset size of the institutions varied, with 57% representing institutions with assets of $100 Million to $1 Billion: a good representation of community banks.

How to Access the Report
Access the 2021 State of Cybersecurity in the Financial Institution Industry Report by visiting https://tandem.app/2021-cyber-report and download the report.

About Tandem
Tandem is a web-based application designed to help with information security governance, risk, and compliance management. Companies who need to comply with information security regulations can easily manage regulatory compliance, improve information security, and lower 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 for their clients. Tandem is developed by Tandem, LLC, a CoNetrix company.

Tandem Software Products

  • Audit Management
  • Business Continuity Planning
  • Compliance Management
  • Cybersecurity
  • Identity Theft Prevention Program
  • Incident Management
  • Internet Banking Security
  • Phishing
  • Policies
  • Risk Assessment
  • Social Media Management
  • Vendor Management

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