2024 Community and Mid-Size Banks Cybersecurity Survey

2024 Community and Mid-Size Banks Cybersecurity Survey Highlights

Based on responses from 125 banking executives, including senior risk, technology, and information security leaders, the 2024 Community and Mid-Size Banks Cybersecurity Survey report outlines four key takeaways that stakeholders can learn from in order to improve cybersecurity preparedness and resilience in the community and mid-size banking sector.

Watch report authors Andy Lee, Jason Loring, Rob Carothers, Lara Sevener, and Tom Walker to learn more about the report.

2024 Community and Mid-Size Banks Cybersecurity Survey: Key Takeaway One

The banking sector has significant regulations regarding cybersecurity. However, Jones Walker’s 2024 survey found that many community and mid-size banks prioritize data breach reporting and other compliance requirements over prevention and preparedness strategies.

Watch report author Jason Loring to learn more about the overall confidence level of individual banks compared to the sector.

2024 Community and Mid-Size Banks Cybersecurity Survey: Key Takeaway Two

Despite most community and mid-size banks reporting they use third-party vendors for cybersecurity and other critical support functions, Jones Walker’s 2024 survey found the lack of due diligence performed on these vendors is a significant risk to the sector.

Watch report author Tom Walker to learn more about some of these gaps in pre- and post-engagement oversight of third-party vendors.

2024 Community and Mid-Size Banks Cybersecurity Survey: Key Takeaway Three

As the cost and sophistication of data breaches continues to rise, it is critical for community and mid-size banks with smaller internal staff to partner with trusted cybersecurity advisors and professionals. Jones Walker’s 2024 Community and Mid-Size Banks Cybersecurity Survey found banks are underutilizing these resources.

Watch report author Rob Carothers to learn more about how banks can work with outside counsel to help prevent, prepare for, and mitigate the effects of a data breach.

2024 Community and Mid-Size Banks Cybersecurity Survey: Key Takeaway Four

As digital transformation becomes inevitable for community and mid-size banks, these institutions are increasing their reliance on third-party solutions. Jones Walker’s 2024 Community and Mid-Size Banks Cybersecurity Survey found that 90% of respondents use third-party vendors to provide critical support functions.

While increased reliance on technology and third-party solutions comes with inherent risk, it is more important than ever for community and mid-size banks to consider embracing emerging technology and AI-based tools to strengthen cybersecurity posture and manage these risks.

Watch report author Lara Sevener to learn more about how banks can leverage emerging technology and AI-based tools.