In 2015, the value of the U.S. financial services cybersecurity market reached $9.5 billion, making it the largest non-government cybersecurity market and the fastest growing one as well, according to the Washington-based Homeland Security Research Corp.

Further, the New York City-based Deloitte revealed in its "2015 Banking Outlook" report that the U.S. financial services sector faced the greatest economic risk related to cybersecurity, and that financial institutions must dedicate more resources to improve the security, vigilance and resilience of their cybersecurity models.

Meeting regulatory expectations is a large part of financial institutions' cybersecurity strategies. And it requires managers to broaden their focus from improving processes to integrating risk management, compliance and ethics into their organizations' cultures.