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The importance of secure technology in community banking

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Feb 26, 2020

On February 26, 2020, the Board Effect released an article on how advancements in technology excite us because they make our lives easier and more convenient. As technology advances and evolves, it gives criminals increasing opportunities to access sensitive information, engage in identity theft, and it poses financial and other risks.

For example, Norton Security states that cybercriminals hit the financial services industry harder than any other industry in 2018 and the few years preceding it. According to consumer reports, there is an increase in identity theft by 400% from 2017-2018. Banks and other financial institutions need to take special care to ensure that they can protect the security and privacy of their customers. Bank boards need to act now to bolster their security policies and practices and continue monitoring their security protocols as the sophistication of cybercrime continues to increase.

Review the full article on the Board Effect's website.

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