How banks can make cybersecurity a revenue generator

This is a guest article by Ruth Wandhöfer, a banking and finance academic, author, adviser and non-executive director. As cybersecurity threats grow in frequency and sophistication, banks must view their defences as a critical element of their customer trust and differentiation to competitors. Banks need to move further towards proactively mapping threats while eliminating false positives, and getting into the mind of cyber attackers to identify future attack scenarios.

Illustration: Pixabay

For years, banks have viewed cybersecurity as a necessary but costly defensive measure, an expenditure required to prevent fraud, breaches and regulatory fines. However, the world has changed. Cyber threats are not only increasing in frequency and sophistication but they are destroying financial performance, customer trust and competitive advantage.

With cybercrime surpassing $9.5 trillion in 2024, according to a recent report from CrowdStrike, financial institutions and critical infrastructures face an unprecedented level of state-sponsored and criminal cyberattacks.

How banks can make cybersecurity a revenue generator

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How banks can make cybersecurity a revenue generator

Thanks for your interest in Euromoney!To unlock this article:

Regulators should be upfront with taxpayers – and admit all deposits are guaranteed

The Danish Compromise tests Europe’s appetite for regulatory easing

What can US bankers really expect from Trump’s deregulation impetus?

Prem Natarajan on Capital One’s AI stairway to heaven

Thanks for your interest in Euromoney!
To unlock this article: