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76% of ALL data breaches are financially motivated – making community banks the perfect target for cybercriminals looking to make a quick profit.
Verizon found that 76% of all data breaches are financially motivated rather than insider fraud or some other type of retaliation. And to make matters worse, organized crime groups are the ones behind 50% of all data breaches – meaning the people behind the attacks are experts in what they do. Community banks are the perfect target as they tend to have less budget and resources to commit to staying safe against attacks. Unfortunately, successful attacks on community banks can be the most costly attacks of all because:
Those who lose, financially or otherwise, in the aftermath of a data breach will almost certainly consider switching banks to protect their own interests – understandably so. If you’re tasked with managing your community bank’s risk, you know it’s a tough job – keeping track of all the operational, regulatory, and reputational threats facing your organization.
The simplest answer: Absolutely. New banking technologies enable you to completely revolutionize the way you serve your customers. Ultimately, consumers nowadays are used to fast, efficient service. If you’re not able to provide this, another community bank will. But there are many benefits to embracing technology as a community bank. For instance:
Studies have shown that the top five technology concerns among community banks include the following:
Community banking tends to have a more traditional approach wherein they’re focused on face-to-face relationships, however, it’s important to embrace technology to meet the needs of the modern consumer. Outsource IT Solutions Group works with community banks looking to alleviate their technology concerns. We’re able to:
Our team provides managed IT services wherein we take care of everything for a flat-rate monthly fee. We can help you embrace technology without worrying about the risks – giving you complete peace of mind knowing you’re keeping pace with advancements in terms of technology AND consumer demands.
Need an IT company community banks throughout Chicago trust? Call (630) 225-3284 or email us at firstname.lastname@example.org. We’re here to help you embrace technology without worrying about the risks.