I believe that cybersecurity is an enabler. Without it, banks and credit unions could never offer the awesome products that are available to their customers and members today. Security and controls are like brakes on a car: some might argue that they slow you down, but in reality, they allow you to go faster.
This poses the question: are financial institutions doing enough to sell that fact? Can they turn cybersecurity from just another box to check to a real competitive advantage?
Preston Packer, with FLEX, takes an angle to that approach with his recent article at cuinsight.com. And while it's aimed at credit unions, it also is applicable to banks as well.
Some of my takeaways and further thoughts from reading that article:
- Ensure that you are properly securing your products; don't just take your vendor's word for it (this is kind of a no-brainer, but cannot be overlooked)
- Establish a culture of cybersecurity internally. This starts at the top and takes a commitment from all employees.
- Demonstrate that culture of cybersecurity to your customers through secure messaging, and regular security reminders
- Train staff to sell the security of your products as a feature and benefit. Explain why certain controls are in place. Possibly offer elevated security measures as an upsell.
- Consider security workshops for business customers on the threats that they face (think: ransomware; you'll be blown away by how many still don't fully understand what it can do and how to prevent it).