Cybersecurity Practices for the Board

Several high-profile data breaches in 2019 assured that cybersecurity remains a top concern for bank boards and executive teams. Capital One Financial Corp. and Facebook revealed significant breaches last year — 106 million and over 500 million, respectively — so it’s no wonder that 87% say their anxiety over the issue has increased, according to Bank Director’s 2020 Risk Survey. In response, more than three-quarters of directors and executives say they’ve increased oversight of cybersecurity and data privacy. It’s a thorny issue for banks to manage. This isn’t a typical risk like credit that leverages bank leaders’ expertise and knowledge...