Still, the likelihood of a successful cyberattack can be significantly reduced by measures that are well-known – at least in ITdepartments. So in theory, companies should know ways to ensure proper management of their IT and cyber risks. But of course, they need support from top management to be effective, because defence does not end at the user interface.
So all in all, digital illiteracy in the top management of a financial institution like a bank can impede the effectiveness of its IT department significantly. Our banking supervisors have observed this pattern quite often.