Cybersecurity: a strategic asset for cost savings and risk mitigation

Cybersecurity is a critical aspect of modern business operations, as evidenced by recent events and discussions within the corporate sector. The Salt Typhoon cyberattack, described as one of the largest telecommunications hacks in U.S. history¹, highlights the vulnerability of even the most secure systems. The breach affected multiple telecommunication companies – some being identified months after the initial attack – and prompted significant legislative and executive oversight and directives to address vulnerabilities within our country’s critical infrastructure.

Such incidents underscore the importance of robust cybersecurity measures to protect sensitive information and maintain trust in technological systems.

Cybersecurity as a cost-saving tool

Critical assets like data security and integrity significantly influence any company's profitability and growth. With the broad and sweeping change in today’s market, businesses dedicate an expanding percentage of their resources to identifying opportunities to increase efficiency, minimize overhead, optimize resources and enhance organizational agility. However, one critical operation often overlooked or underestimated as a cost-saving measure is cybersecurity.

In response to growing concerns about cybersecurity, companies are increasingly focused on enhancing their security protocols. For instance, the U.S. Bancorp Information Security Program aligns with standards set by the National Institute of Standards and Technology (NIST). It supports compliance with various regulatory requirements, ensuring that the impact of any potential threat is mitigated by preventing cyberattacks – sophisticated or simple – from being used as a gateway to our network of clients, collaborators and contractors.

The emphasis on cybersecurity is not just about protecting data. It is also a crucial factor in the sales and customer retention cycles. Businesses seeking new technologies and data solutions inquire as often about data and system security as the solutions offered, perhaps due to the increasing complexity they face in third-party risk management². The need to bring cybersecurity to the foreground in business dealings is apparent and this shift is part of a broader recognition within the industry that cybersecurity, traditionally viewed as a cost center, is actually a revenue protection measure.

Mitigate risk before it happens

Like insurance, the value of a rigorous cybersecurity infrastructure is often only truly appreciated after disaster has already struck. By safeguarding against potential breaches such as ransomware, email compromises, cyber-enabled theft, insider threats, malware and identity-based attacks, companies can avoid the costly consequences of data loss, system downtime and loss of customer trust. Companies need providers that have a commitment to and reputation for cyber safety and security.

U.S. Bank values the trust our clients place in us, and we are committed to maintaining that trust by preserving the confidentiality of customer data in accordance with applicable laws and requirements. Our comprehensive enterprise Data Protection and Privacy program identifies and mitigates risk to the privacy and security of customers, employees and company information as part of the U.S. Bank Privacy Policy. The program is consistent with our obligation to protect information with which we are entrusted and complies with applicable laws and regulations.

The protections that U.S. Bank has in place do more than simply protecting our critical information. They also serve as a barricade between the clients and providers who interact with our products and services. While no business can eliminate the risk of cyberattacks entirely, our information security system provides protection against threats posted to U.S. Bank directly, as well as against the vulnerabilities associated with breaches of our clients’ or affiliates’ systems.

Protection from the evolving threat landscape

The importance of cybersecurity in today's digital age cannot be overstated. It is not only a defensive measure but also a strategic component that supports business continuity, protects against financial losses and enhances customer confidence. As cyber threats continue to evolve, so too must the strategies and perceptions around cybersecurity within the corporate world.

In part due to our demonstrated commitment to security, U.S. Bank has been named one of the World’s Most Ethical Companies® by the Ethisphere Institute for the eleventh year in a row. In addition, our data center has the highest rating of Tier IV from the Uptime® Institute, recognizing U.S. Bank for hosting mission critical servers and systems in the most reliable, fault-tolerant and secure environment.

Our commitment to doing the right thing is at the heart of everything we do. We build relationships based on trust, and this honor reflects the work we do every day to earn and keep the trust of our customers and the communities where we live and work.