Baker Tilly workshop data indicates 37% of directors only “somewhat confident” in cyber-risk management effectiveness.
CHICAGO (June 27, 2016) – A Baker Tilly Virchow Krause, LLP (Baker Tilly) poll conducted for the Bank Director’s annual Bank Audit & Risk Committee Conference here in June indicates that 37.6%1 of bank directors are only somewhat confident in the effectiveness of their financial institution’s cyber-risk management, with only 12.5%2 indicating they were very confident.
“A data breach often results in not only financial loss, but also reputation risk, operational disruption and regulatory scrutiny. Executives must review and enhance their cybersecurity programs to be prepared for and respond appropriately to a breach,” Jan Hertzberg, director of cybersecurity services at Baker Tilly, said.
“Financial services is one of the highest at-risk industries for cyber-attacks,” Tim Kosiek, partner and banking industry leader at Baker Tilly, said. “Our banking clients are dedicating significant resources preventing and minimizing the impact of data breaches.”
Registrants were polled before the Cybersecurity Workshop conducted by Baker Tilly at Bank Director's conference.
Workshop presenters Jan Hertzberg and Tim Kosiek of Baker Tilly and Liisa Thomas of Winston & Strawn provided bank directors with insight on the changing cyber-risk landscape and discussed the director’s role. An interactive simulation unfolded throughout the workshop and helped directors experience the array of decisions required during a data breach.
1 37.6% of respondents answered “4,” “5” or “6” to the poll question, “On a scale of 1-10 (1=low, 10=high), how confident are you in the effectiveness of your bank’s cyber risk management today?” on May 25, 2016.
2 12.5% of respondents answered “9” (and 0 answered “10”) to the poll question, “On a scale of 1-10 (1=low, 10=high), how confident are you in the effectiveness of your bank’s cyber risk management today?” on May 25, 2016.
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion.