Cybersecurity: A key focus for North American Banks

In this article from Global Finance Magazine, Ajay Bhandari (Senior Vice President and Regional Head, Financial Services) explores the Infosys Bank Tech Index report that includes key findings on banks’ spending insights.

Cybersecurity is crucial for banks, which are understandably increasing their cybersecurity budgets amid ongoing and evolving threats. In North America, spending was slightly higher at 4.3% in the first quarter of 2024, compared to 4.0% in the rest of the world.

Banks must continue to develop dynamic defenses to not only respond to the constantly changing threat landscape but also monitor AI’s evolution to anticipate new potential threats. Specific defenses should include:

• Customer onboarding
• Customer management
• Customer exit

Fighting cybercrime is a continuous process that requires banks to constantly adapt and evolve their security measures. Yet banks face issues with finding cybersecurity and AI talent, confirms the Infosys Bank Tech Index.