Banks are using too many cybersecurity solutions–and it’s not working

28.04.2022

The average bank relies on dozens of different cybersecurity tools, and continues to spend record amounts of money on solutions as threats increase, especially from state-backed attackers. In fact my company has seen in our work that threats against banks have more than doubled. At the same time, research shows, and it is well-known, that more tools are not always better when it comes to defending against attacks; in fact when organizations use more than 50 tools, their overall security posture declines.

There is no question that the financial sector suffers from the overproliferation and over-differentiation of security tools. This is due partly to the rapid growth of the cybersecurity sector in response to the increasing number of attacks and threats. But more than that, it stems from a desire in the start-up and cybersecurity world for entrepreneurs to differentiate themselves. In a crowded field, being able to say that one’s technology solves a very specific problem, in a unique way, has proved to be a successful strategy for raising critical VC or other investment money.

But when it comes to improving actual cybersecurity posture in the financial world, this approach is not working and is detrimental. Threats and attacks are only growing. The cybersecurity sector, financial institutions and government regulators need a mind shift to change this trend.

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