A new study from Ernst & Young showed that 59 percent of banks plan to invest more in technology in 2018. More tellingly, 73 percent of that investment is targeted at cyber- and data security.
Banks and other financial institutions understand that they must embrace technology in order to become innovative and agile enough to withstand today’s disruptions in the marketplace. As technology becomes more central to the industry, however, concerns about cyberattacks and data breaches loom large — for both organizations and consumers.
Cybersecurity and Consumer Confidence
As competition in the banking sector heats up, recruiting and retaining consumers will become paramount. But the parade of widespread data breaches over the past few years has made consumers wary about working with institutions that can’t keep sensitive information safe — an especially important consideration for banks given the amount of sensitive information financial institutions traffic in.
That fact, in large part, is why banks spend so much on cybersecurity in 2018. Because the threat landscape is constantly changing, the industry is moving away from the more static security measures it historically relied on and toward vendors that offer dynamic cloud-based platforms. The cloud provides the scalability and adaptability banks need to stay ahead of emerging threats, in addition to the confidence consumers want in a trusted financial partner.
Still, preventing cyberattacks isn’t just about having the strongest protections in place — it’s also about having them in the right place while simultaneously prioritizing user accessibility. Financial organizations depend on the fast and free flow of information, and security tools that are confusing or cumbersome become an unwelcome annoyance for every employee. Those forced to use such tools, for instance, can find themselves less productive or seeking workarounds such as using personal email accounts that bypass security measures.
The Protection and Accessibility Zix Offers
For all of the above reasons, every member of the Federal Financial Institutions Examination Council, divisions of the U.S. Treasury, the U.S. Securities and Exchange Commission, and more than 20 state financial regulators have chosen to partner with Zix. We also work with 30 percent of U.S. banks because thought leaders throughout the financial industry understand that the email inbox is a primary attack target.
Zix’s strong and seamless email encryption ensures that sensitive information is protected both in transit and at rest. In fact, our easy-to-use and automatic solution makes email not only secure, but also convenient. Moreover, we offer threat-protection solutions that can help identify malicious attachments, verify link locations in real time, and authenticate email addresses to prevent attacks like business email compromise and phishing. This comprehensive level of protection ensures that institutions remain secure across their IT infrastructures.
Particularly for banks going through digital transformations, our cloud-first hybrid model is easy to integrate into web applications or a portal modernization program. There is also flexibility in the deployment and delivery model, as well as scalability that can accommodate a bank as its digital foundation grows.
Financial institutions rely on Zix because we provide both products and expertise. We offer industry-leading solutions and back them up with a deep understanding of how technology can enable business while mitigating operational risks. That understanding leads to both stronger cybersecurity for banks and the smarter use of IT budgets — a necessity for operating in today’s dynamic and evolving cyber landscape.