2017 Banking & Financial Services Industry Risks
Banking and financial services companies reported greater concerns for the overall level of business risk, cyber-related risks and security breaches, compared to all businesses.
Banking and financial services businesses see more risk in their business environment, with 57% reporting that their business was becoming more risky, compared with 37% of all businesses. Within the banking and financial services field, 62% of commercial banks and credit unions said their business was becoming more risky, compared with 52% of mutual fund managers and other financial advisors.
In particular, the banking and financial services industry is much more concerned about specific cyber risks, with 71%, compared with 56% of all businesses, saying they worry a great deal about this affecting their business. The risks of legal liability and understanding/complying with government regulations were also of greater concern among banking and financial services companies.
Fewer than 1 in 5 are very confident in their ability to avoid or mitigate a cyber incident. A security breach was of greater concern to this industry, at 70%, compared with 50% of all businesses. Other leading concerns include remote access/hacking, and employees putting information or systems at risk.