Cybersecurity – An Imperative Responsibility & Competitive Advantage for Banks of All Sizes in 2017 & Beyond

With cyberattacks costing global businesses around $500 billion per year, it is no wonder that cybersecurity is expected to become one of the hottest industries. Certain estimates suggest that the global cybersecurity market will grow to ~$170 billion by 2020, with North America and Europe remaining the top cybersecurity markets and the APAC region quickly emerging as a major market for cybersecurity interests.

In the last five years, the financial industry has been the top target for cybercriminals with IT and telecom, defense, and the oil and gas sectors following behind. Security analytics, threat intelligence, mobile security and cloud security are expected to see the most significant growth.

Explaining the reason for a rapid growth of this industry, Hemanshu Nigam, Founder and CEO of SSP Blue, an advisory firm for online safety, shared with RT at the end of 2015:

I say that for a couple reasons. One is that hackers are getting constantly smarter. Organized crime has taken over.

And the second reason is that as new platforms develop, which they are, new technologies, new business models, new areas – that is all expanding. Which means, if you look at existing growth and follow the pattern, it's actually going to be a little bit more exponential. I can bet it's not a hundred billion (in growth by 2020), it's probably going to be $150 or $200 billion."

Hence, as Christopher R. Johnson, an Associate Attorney in Jones & Keller, emphasizes in his article Cybersecurity and The Community Bank, it is crucial that institution’s board of directors and executive management be focused on and well-informed about the threats posed by cybersecurity attacks.

Being informed, however, is not enough, and banks need to seek strategic partnerships with A-players in the cybersecurity space. Thankfully, cybersecurity industry doesn't lack advanced solutions. Banks have tools to find the best partner in ensuring security across the organization. Further, we will provide some examples of top cybersecurity solutions providers in the US that can help banks of all sizes develop an appropriate response to advanced cyber threats.

A10 Networks offers solutions for accelerating Web application delivery, bandwidth management and network identity issues.

Digital Defence Inc. provides managed security risk assessment solutions protecting billions of dollars in assets for clients worldwide. Some of the offerings include vulnerability scanning, penetration testing, and security awareness training. DDI utilizes Vulnerability Management as a Service (VMaaS) delivery model to help organizations establish an effective culture of security and retain information security best practices.

FireEye is a malware protection system that blocks attacks across the Web and email threat vectors and latent malware resident on file shares.

i-Sprint is an identity, credential and access management solution provider that ensures secure access and protection of data/transaction/asset among the four major IT forces (cloud/social/mobile/information) by incorporating the latest mobility/biometrics/cloud/identification technologies in the most effective and efficient manner to build trust and identity assurance.

Kroll is the leading global provider of risk solutions. The company specializes in identifying, remediating and monitoring risk across the enterprise. Kroll addresses each client’s issue with a unique team tailored to the solution.

Mimecast’s security, archiving and continuity cloud services protect business email and deliver comprehensive email risk management in one fully-integrated subscription service. Mimecast reduces the risk, complexity, and cost traditionally associated with protecting email.

Nexusguard is one of the leading companies fighting malicious Internet attacks. Nexusguard protects clients against a multitude of threats, including DDoS attacks, to ensure uninterrupted Internet service. Nexusguard provides comprehensive, highly customized solutions for customers of all sizes, across a range of industries, and also enables turnkey anti-DDoS solutions for service providers.

Palo Alto Networks Next-Generation Security Platform allows clients to confidently pursue a digital-first strategy and embark on new technology initiatives, such as cloud and mobility. The company’s focus allows customer organizations grow their business and empower employees while maintaining complete visibility and the control needed to protect their critical control systems and most valued data assets. Threat information is shared across security functions system-wide and designed to operate in increasingly mobile, modern networks.

Sophos offers a complete security solution as a protection against complex threats and data loss. Simple to deploy, manage, and use, Sophos’ encryption, endpoint security, the web, email, mobile and network security solutions are backed by SophosLabs – a global network of threat intelligence centers.

Symantec provides security, storage, and systems management solutions that help consumers secure and manage their information.

Moreover, when it comes to cyberattacks, no bank, whether small or large, is safe. Boston Globe suggests that banks are so interconnected – doing business with each other and interacting with the Federal Reserve – that an attack on a community bank could eventually infect larger banks, spreading like a virus and threatening the stability of and confidence in the banking system. Numbering in the thousands across the country, small banks don’t have the resources to hire armies of technology experts and spend millions for the most sophisticated software to thwart cyberthreats.

The above-mentioned companies certainly do not comprise an exhaustive list, and many more examples can be found on MEDICI, FinTech’s global knowledge network. In 2017 and beyond, cybersecurity solutions providers will be in high demand and banks of all sizes need to ensure appropriate defense in place in order to continue value delivery for loyal customers and reallocation of resources from costly consequences of cyber breaches towards innovation adoption.