BRENTWOOD, TENN., August 29, 2017 – Forty-four percent of bank executives and directors say their bank would be vulnerable if one of its vendors experienced a cyberattack or data breach, according to Bank Director’s 2017 Technology Survey, sponsored by the technology solutions provider CDW. Just 21 percent believe the bank would be safe in such an event. This could be a growing concern for an industry that increasingly relies on outside relationships to provide the technology to serve customers and run the organization effectively.
However, 77 percent of respondents are confident that the staff and board of the bank would be prepared to react if the institution itself experienced a cyberattack or data breach.
The survey was conducted in June and July of 2017, and surveyed 145 chief information officers, chief technology officers, chief executives, independent directors and chairmen of U.S. banks above $250 million in assets. Chief operating officers, chief financial officers, chief marketing officers and other senior executives also responded.
Respondents also reveal that banks continue to struggle with data analytics—despite working in an industry flooded with customer data. Just 13 percent believe that their financial institution effectively uses data to serve the needs of existing customers or identify new customers. Yet, 65 percent indicate that data analytics will impact their financial institution over the next five years.
Other key findings include:
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Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its print and digital editions of Bank Director magazine, executive-level research, annual conferences and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Bank Director is headquartered in Brentwood, Tennessee.
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