Managing Cybersecurity Risks to Your Business and Banking Relationships

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Cybercrime has become the number one threat to U.S. businesses, according to the World Economic Forum.1 The cost of cyberattacks on large U.S. businesses now averages $15 million annually.2 As more business processes are digitized and extended to mobile devices, web services, cloud servers and networked sensors, these platforms present new vulnerabilities for hackers to attack and exploit. Cybersecurity experts estimate the cost of data breaches on an annual basis will reach $2.1 trillion globally by 2019.3

All businesses are at risk

Cybercrime threatens all businesses, not just large corporations. Small and medium-size businesses were the target of 43 percent of all cyberattacks launched in 2015.4 Hackers see these businesses as easy targets compared to large corporations that have ramped up their firewalls, added layers of security and strengthened their cybersecurity policies and procedures.

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