For most places around the world, shaking your head usually means “no” and nodding means “yes”, although this is not true everywhere. In Bulgaria, for example, the gestures are switched around: shaking your head means “yes”, while nodding means “no.” In France and Germany, the hand gesture for “okay” is actually considered rude. Understanding cultural differences like these can help travelers avoid confusion and potentially difficult situations. Similarly, by embedding a strong cybersecurity culture across the organization,
community financial institutions (CFIs) can help mitigate the difficulties associated with cybercrime. Aside from the financial impact of a cyberattack — the global average cost of a data breach is almost $4.9MM — it can pose significant reputational, legal, and business continuity risks for CFIs. As such, prioritizing cybersecurity is a strategic necessity, crucial for gaining and maintaining customer trust, driving innovation, and meeting regulatory and privacy requirements. Cyberattacks are becoming ever more sophisticated, as some of our own CFI customers discovered themselves when two employee email accounts were compromised, giving the fraudster a chance to trick the victims’ coworkers into wiring substantial sums of money to fraudulent accounts overseas. Having the right technology and digital infrastructure in place is no longer enough; fostering a cybersecurity culture throughout the organization is also key. A strong cybersecurity culture goes beyond prevention — it’s about embedding security into everyday decisions at all levels of the institution. CFIs should adopt a comprehensive, multifaceted cybersecurity strategy that includes advanced technology, robust governance, and regular employee training to build resilience and effectively respond to threats. Here are five ways in which CFIs can embed a cybersecurity culture within their organization.
community financial institutions (CFIs) can help mitigate the difficulties associated with cybercrime. Aside from the financial impact of a cyberattack — the global average cost of a data breach is almost $4.9MM — it can pose significant reputational, legal, and business continuity risks for CFIs. As such, prioritizing cybersecurity is a strategic necessity, crucial for gaining and maintaining customer trust, driving innovation, and meeting regulatory and privacy requirements. Cyberattacks are becoming ever more sophisticated, as some of our own CFI customers discovered themselves when two employee email accounts were compromised, giving the fraudster a chance to trick the victims’ coworkers into wiring substantial sums of money to fraudulent accounts overseas. Having the right technology and digital infrastructure in place is no longer enough; fostering a cybersecurity culture throughout the organization is also key. A strong cybersecurity culture goes beyond prevention — it’s about embedding security into everyday decisions at all levels of the institution. CFIs should adopt a comprehensive, multifaceted cybersecurity strategy that includes advanced technology, robust governance, and regular employee training to build resilience and effectively respond to threats. Here are five ways in which CFIs can embed a cybersecurity culture within their organization.
- Ensure it’s a strategic leadership objective. A robust cybersecurity culture starts with strong leadership and board support. When the CEO and board prioritize security as a key objective, it’s more likely to filter down to the entire organization. Leadership should embed cybersecurity into their strategic decision-making, allocate resources to help manage it effectively, and promote cybersecurity initiatives. Without leadership support, a weak security culture can undermine accountability and put CFIs at risk.
- Develop a collaborative, all-level, cross-departmental approach. Cybersecurity needs to be a shared responsibility at every level. Through teamwork and cross-departmental collaboration, CFIs can create a holistic defense strategy and ensure that cybersecurity is integrated into all aspects of the business. Regular communication and collaboration, not only within the organization but with other financial institutions and regulatory bodies, can further empower employees and contribute to a resilient cybersecurity strategy.
- Make education and training a priority. Given the speed at which technology and cyberattacks are evolving, good cybersecurity requires ongoing education and training for all employees, beyond just annual compliance. Regular sessions on types of risks, emerging threats, best practices, and organizational policies can help employees stay informed and aware of the role they play in maintaining cybersecurity. Hands-on simulations and scenario-based training can enhance employees’ ability to recognize risks and respond effectively to real-world attacks.
- Promote a culture of transparency. Open communication and sharing of information are essential for effective cybersecurity. Employees should feel confident reporting security incidents, vulnerabilities, or mistakes without fear of retribution. They should also feel comfortable approaching coworkers, including executives, with questions or to verify the authenticity of a communication or the safety of a program or practice. This can help prevent delays in response, build trust, and catch potential threats before it’s too late. Encouraging ownership and accountability, as well as establishing clear reporting channels, can help ensure that everyone understands their role in safeguarding data and that they adhere to security policies.
- Maintain robust policies and procedures. Alongside ongoing investment in up-to-date security and threat detection technologies, CFIs need to ensure that their teams are familiar with good security hygiene habits. These include regularly updating software, using multi-factor authentication, adopting a zero-trust approach, and requiring strong and unique passwords or passphrases. Additionally, CFIs should establish clear guidelines and protocols for responding to and reporting potential security incidents to help maintain a secure environment.
For CFIs to stay ahead in this rapidly changing digital landscape, they need to make developing a cybersecurity culture a strategic imperative. This is critical to ensure business continuity, safeguard data, retain customer trust, and meet regulatory demands.
