Cybersecurity is the No. 1 concern of financial institutions, according to the “State of the Banking Industry Report” from Wipfli. Nearly 250 banks were surveyed for the report, which found that they are taking a “layered approach” to cybersecurity. Half of respondents have taken six actions or more to protect their network, including adding 24/7 monitoring services, tightening internal controls, and investing in network upgrades, the report says. Also, nearly 60% of financial institutions have conducted a cyber risk assessment and over half conducted security testing. In addition to cybersecurity, other top concerns include meeting customer needs, recruiting and retaining employees, and holding onto market share. For a copy of the report, click here.

Extra: Wipfli’s Kevin Janke and Paul Ouweneel recently gave a good overview of the bank valuation process during a BVR webinar. A recording will be available shortly if you click here (free to BVR Training Passport Pro holders).