Banks and credit unions face disruption by innovation and new technologies, customer and member loyalty challenges, and a constantly changing regulatory landscape. With a growing number of technologies used to support customers and employees – including core business systems, ATMs, mobile applications, and cloud computing – cybersecurity risk has increased dramatically, requiring proactive cybersecurity assessments and risk mitigation strategies.
While the cost of regulatory compliance with the Federal Financial Institutions Examination Council (FFIEC), the Gramm-Leach-Bliley Act (GLBA), and other requirements is rising, the cost of non-compliance could be the loss of an enterprise. Financial services institutions are a significant target.