On October 28th, Tandem released the 4th annual report, The State of Cybersecurity in the Financial Institution Industry. In order to help community financial institutions improve their cybersecurity posture, Tandem distributed a 25-question survey to individuals of financial institutions. The survey remained open from July 1, 2022, through July 31, 2022. At the end of the timeframe, Tandem received 310 completed survey responses.  

A team of cybersecurity experts at Tandem analyzed the survey data to understand how financial institutions are managing cybersecurity with trends across years and correlations between questions. Several interesting observations and a few takeaways were identified through studying and parsing the data. Here are just a few of the many trends discovered in the report:  

  • A lack of time is the biggest roadblock to achieving effective cybersecurity oversight.  
  • 42% of respondents are beginning to recognize cybersecurity as a separate cost from IT expenditures. 
  • The most used assessment tool remains the FFIEC Cybersecurity Assessment Tool (CAT), also known by credit unions as the ACET.  
  • Phishing tests (92%) continue to remain the most popular type of security awareness training.  
  • 79% perceived Vulnerability Scanning as the most useful for improving security  

To see the full analysis, download the free report: https://tandem.app/cyber-report-2022  

About the Report 

Out of 310 respondents, 76% represented banks, 16% represented credit unions, and 8% represented other institutions such as mortgage and trust companies. A good representation came from larger community institutions, with 21% of responding institutions reporting over $1 billion in assets.   

Tandem divided the report information into seven categories: 

  1. Board Oversight 
  2. Cybersecurity Oversight 
  3. Budgeting 
  4. Cybersecurity Tools & Frameworks 
  5. Training 
  6. Vendor Management 
  7. Assurance & Testing 

Survey participants worked primarily within cybersecurity (75%) or information technology (62%) roles. However, participants also reported roles in operations, compliance, audit, and finance, with 5% of respondents serving as Board Members. 

How to Access the Report 

Access The State of Cybersecurity in the Financial Institution Industry 2022 Survey Report by visiting https://tandem.app/cyber-report-2022 and download the report. 

About Tandem 

Tandem, LLC is an online information security governance, risk management, and compliance (GRC) web application designed to ease the burden of regulatory compliance and ultimately, improve your security. We chose the name Tandem because it works in partnership - in tandem - with you. You bring your knowledge of your organization and your cybersecurity compliance needs, Tandem brings a suite of 11 products built by cybersecurity experts to help you organize and manage your information security program. See how Tandem can help you by visiting Tandem.App