Why banks should focus on board security

As more bank board executives, directors and administrators adopt digital board management processes, cybersecurity risks from half-baked digital adoption make them more vulnerable to expensive cyber threats.

$4.24 million — that’s the average cost of a data breach in 2021, according to an IBM report. That dollar figure increased by 10% from 2020. Just like almost everything else, the cost of data breaches is rising rapidly.

Banks serve as obvious cybercrime targets. The assets they hold and their access to sensitive personal information make them a clear breeding ground for attacks.

According to OnBoard’s 2022 Board Effectiveness Survey, 91% of those who use board management software felt confident in its security, while 78% among those who don’t use it expressed confidence. While a 13% difference might not seem significant, ask yourself: Is the $4.24 million figure mentioned insignificant? 

Board information is among your organization’s most valuable, most sensitive data. We built OnBoard around the industry’s most advanced security protections. OnBoard practices proactive intrusion monitoring and penetration testing to bolster its security posture against potential attacks. 

For over 15 years, OnBoard has worked with banks to create solutions that solve their specific challenges. It’s the only board portal the Texas Bankers Association endorses.

OnBoard’s approach to security is built on the foundation of Microsoft Azure cloud security. Azure offers multi-layered security across physical data centers, infrastructure and operations with cybersecurity experts, among other features.

Your bank board can ensure your information is in the right hands at the right time. Unlike other SaaS-based board solutions, OnBoard ensures you have full control over your data and who can access it. 

To learn more, contact OnBoard and ask about our free trial. 

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