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Most FIs Feel (Falsely) Positive About Their Cybersecurity

Grace NotobyGrace Noto
March 22, 2018
in Risk & Security
Reading Time: 1 min read
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As data security and usage becomes more of a hot topic for businesses in 2018, most financial executives are feeling positively about the cybersecurity at their institutions, a report by IBM Resilient found.

Of the 2,848 respondents surveyed for the study (released last week, IBM’s third annual on “cyber resilient” organizations), 72% felt their organization was “more prepared” than last year when it comes to their cybersecurity efforts.

This is false positivity, according to the study, which noted that 77% of respondents stated they do not have a formal “cybersecurity incident response plan” in place at their institutions.

Additionally, more than half (57%) of the study’s participants stated that the time to resolve a security incident at their organizations has increased, and 65% stated that attack severity has also increased.

Study respondents also noted that the biggest barrier to “cyber resilience,” as it’s termed by the study, was a lack of investment in artificial intelligence and machine learning — however, investment in this area was also marked as the lowest priority in the next 121 months for these organizations, IBM noted.

Download the full report here.

Tags: artificial intelligence (AI)cybersecuritydata securityDataBankIBMmachine learningPremium
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