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cybersecurity data services cost fiduciary earnings expenses trust bank Investment Advisor wealth management assets Trust Performance Report trust company executive priorities revenue expenses net income A.M. Publishing financial institutions Bernard Garbo Cybersecurity & Data Service Costs at Trust Institutions

(Jan. 10, 2023 --Chicago, IL) -- Independent trust companies are spending more on data services than their bank-trust-division counterparts, according to Fiduciary Earnings & Expenses 2022. This spending appears to reflect increased concerns with cybersecurity.

Among bank trust divisions, only large institutions reported an increase in the average dollar outlay for data services, compared to the prior year. Small and midtier bank trust divisions reported marginal declines. Large bank trust divisions reported an increase in the average dollar outlay, to nearly $3.9 million, up from $3.1 million. Large independents, meanwhile, reported an average dollar layout of more than $5 million.

The allocation for data-service expenses increased significantly for small independents, which reported a near doubling in the average dollar layout, to $598,000, up from $280,000 in the prior year. The average reported spending by small bank trust divisions was $209,000, down from $239,000.

Expense allocations and outlays among independent trust companies is considered to be a better barometer of "real" expenditures versus the outlays of bank trust divisions. The data services expenses of most bank trust divisions are most often allocated as an overhead expense and usually do not reflect direct costs.

Among all trusts institutions, controlling expenses is the third-highest concern reported by trust executives, in A.M. Publishing's Annual Survey of Trust Assets. The survey is contacted annually in March.

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