You are the chief information security officer of a large financial institution. You spend tens of millions of dollars annually to secure your organization's network, firewall and endpoints. Unless you focus on security outside your firewall, your efforts are akin to building a fireproof, bulletproof safe with reinforced steel walls – then setting the combination to "1-2-3-4."

That's because banking and financial services firms live by the critical data they collect – customer and member account details, financials, cardholder data, tax information, transaction data and more. As your organization increasingly relies on digital channels (web, mobile and social) for banking transactions and other interactions, it's continuously probed by cybercriminals looking for vulnerabilities to access that data.

In fact, the majority of cyberthreats originate from external sources outside the firewall –more than 80% of them according to the latest Verizon Data Breach and Incident Report. And since the average cost of a data breach for financial services companies is $3.8 million, regulators are rightfully concerned about security in digital channels. Whether they involve direct theft of data or just leverage a bank's brand to commit fraud, breaches can significantly impact profitability and resources.