Why Banks Should Focus on Board Security

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As more bank board executives, directors, and administrators adopt digital board management processes, cybersecurity risks from half-baked digital adoption make them more vulnerable to expensive cyber threats.

 

$4.24 million. That’s the average cost of a data breach in 2021, according to an IBM report. That dollar figure increased by 10% from 2020. Just like almost everything else, the cost of data breaches is rising rapidly.

 

Banks serve as obvious cybercriminal targets. The assets they hold and their access to sensitive personal information make them a clear target for attacks.

 

Additionally, boardroom breaches can tarnish an organization’s reputation. Lost business costs account for about 40% of the average total cost of a data breach.

 

As boardrooms have increasingly operated more virtual, cyber threats haven’t subsided. In April 2020, when the pandemic forced most boards to operate remotely/digitally, the FBI reported a 400% increase in cybersecurity complaints daily.

 

As a result, boards emphasize secure digital operations more than ever. According to OnBoard’s 2022 Board Effectiveness Survey, “security is and will continue to be a strategic priority for the most effective and engaged boards — there’s too much at risk to squander poor security.” That same survey showed 87% of respondents are confident in board communication security today.

 

But there’s a catch. While 91% of those who use board management software felt confident in their security, only 78% among those who don’t use it expressed confidence. While a 13% difference might not seem significant, ask yourself: Is the $4.24 million figure mentioned at the top insignificant? Is $4.24 million worth going from 78% confident in your board security to 91% (or more)?

 

How Board Management Software Can Help Ease Your Board’s Cybersecurity Worries

 

For over 15 years, OnBoard has worked with banks to create solutions that solve their specific challenges. It’s the only board portal endorsed by the Independent Community Bankers of America.

 

OnBoard’s approach to security is built on the foundation of Microsoft Azure cloud security. Azure offers multi-layered security across physical data centers, infrastructure, and operations with cybersecurity experts, among other features.

 

Your bank board can ensure your information is in the right hands at the right time. Unlike other SaaS-based board solutions, OnBoard ensures you have full control over your data and who can access it. Intrusion detection and remote lock and data wipe capabilities make it simple to respond to unexpected situations.

 

Additionally, OnBoard seamlessly integrates with Okta and OneLogin’s Secure Single-Sign-On (SSO) solutions, bolstering data security while ensuring meetings start hassle-free. Integrating with your Active Directory Authentication Library, both Okta and OneLogin SSO enable real-time access controls and automated user provisioning.

 

Board information is some of your organization’s most valuable, most sensitive data. We built our platform around the industry’s most advanced security protections. OnBoard practices proactive intrusion monitoring and penetration testing to bolster its security posture against potential attacks.

 

Want to learn more? Contact OnBoard and ask about our free trial to see that it’s the solution your board needs.