We know that despite the shocks cyberattacks bring, you remain to grow by safeguarding the areas you offer.
It strikes me as interesting that both Halloween and Cybersecurity Awareness Month fall in October. After all, the rapid rise in fraud during the pandemic would spook anyone and definitely keeps community bankers up at night, which is why meaningful monitoring and action continue to be necessary.
While community banks have done much to safeguard their institutions, ongoing vigilance is needed. According to the Ransomware Task Force, ransomware gangs stole three times more in 2020 than they did in 2019, and projections indicate that worldwide cybercrime costs will hit $6 trillion for this year.
Where I’ll Be
I’m looking forward to convening in person during our leadership and committee meetings, Oct. 17–21, and throughout the fall, including at the Western State Directors Education Foundation Symposium in Scottsdale, Ariz., on Oct. 25.
These statistics are hair-raising, but ICBA and our industry have been working diligently to prevent sweeping impacts. In fact, community bankers have instituted processes to thwart attacks, including taking actions to halt these scary scenarios. Here are a few examples:
- Educating consumers. Clients are the first line of protection in cyberattacks. The work you have actually done and remain to do to enlighten your customers allows them to far better take control of their activities, such as not clicking web links or sharing directly identifiable details in e-mails or messages. If they comprehend the lengths scammers will most likely access their accounts, they are much better prepared to secure the point of entry.
- Sharing information. When a cyberattack occurs, community banks share information with peers to help prevent losses. This knowledge transfer extends internally. All levels of the organization need to be up to speed on cyber risk, how it’s being mitigated and the resources available to them.
- Resourcing groups appropriately. Cybersecurity has to be constantly taken care of to keep up with hazards. Having the best group– whether via interior resources, exterior option companies, or a mix– is so crucial. It has to do with locating the very best mix for your bank as well as making sure you’re sustaining the group to stay on top of emerging threats.
Along with these initiatives, ICBA reinforces your cybersecurity activities via the Functional Threat Source Center. This facility uses devices to assist you to navigate cybersecurity. Past that, this month’s Independent Lender is dedicated to the subject and also will offer you added ideas to help you on your cybersecurity trip.
Our goal is to support you in your efforts to mitigate cyberattacks as well as their impacts on your community. Due to the fact that we understand that in spite of the shocks cyberattacks bring, you continue to grow by safeguarding the communities you serve.