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Today’s Risk Landscape
A look at the evolving threats and business challenges across your financial institution.
It’s a fact. The financial industry has changed significantly over the past 10 years. Community banks and credit unions are not only focused on the competitive environment and customer retention, there is a new risk paradigm: one that encompasses cyber and physical threats. ATM skimming, identity theft, data breaches, scams, and phishing are all common terms in today’s environment.
Additionally, cyber threats have taken a front seat in the lineup of primary risks facing financial institutions today. And it is no surprise why: According to Cybersecurity Ventures, the amount of money taken in cyber heists, both in banking and elsewhere, was estimated at $3 trillion overall for 2015, and this substantial amount is expected to double by 2021.
As risks evolve and consumer demand for new services grows, security and fraud leaders have to take a closer look at internal operations and processes to ensure consumer and corporate data, and infrastructure is secure and protected. Security leaders are now not only responsible for protecting the bank branch network, which requires collaboration with IT and traditional security functions, but also includes the collection and analysis of consumer data gathered on mobile applications, various ATM and teller systems.
Take a look at how community banks and credit unions can approach security to ensure your branch is a protected one and download the eBook now.