What does your Financial Institution have in common with Ashley Madison, eBay, & Home Depot?
You're all equally susceptible to cyberattacks. But, unlike these breached companies, your bank or credit union doesn't have to fall victim to a cyber hack.
Regardless of Size, Any Financial Institution is Susceptible to a Costly Security Breach. The Threats Against the U.S. Financial Seector Continue to Escalate & Security is Too Important to be Complacent.
Few folks like to believe that cyber criminals are interested in breaching the system of a community institution. But that belief is not only wrong, but also dangerous. Make no mistake: This threat is not just an abstract danger - it is a concrete harm.
Here's your proof:
Over a 12-month span between 2014 and 2015, the FBI reported that more than 500 million records were stolen from Financial Institutions via cyberattacks. U.S. lawmakers agree, stating that our financial sector is one of the world's most frequent targets. These incidents pose accute liabilities and dollars to U.S. banks and credit unions, and also expose accountholders and members, respectively, to identity theft and identity fraud.
Last August, SecurityScorecard issued its 2016 Financial Cybersecurity Report, which ranked security postures of over 7,000 global financial institutions. After reviewing the data, the results exposed such significatnt security vulnerabilities to U.S. companies that SecurityScorecard's press release was titled, "America's Financial Industry Highly Susceptible to Data Breaches." Also of note is the fact that "SecurityScorecard found third party vendors... pose some of the greatest security risks." Are you managing how your third parties use, maintain, create, and store your valuable information?
In addition, the National Law Review (NLR) ranked Cybersecurity as the #4 Threat to Financial Institutions in 2017. The NLR describes the intricate issue as follows: "As federal and state regulators continue to pepper financial institutions with new regulations, tools, and guidance, many institutions are struggling to create and maintain an effective cybersecurity risk management policy or program."
Our upcoming cybersecurity program will help prepare your Institution to manage cybersecurity risk by teaching you how to: (1) conduct a cybersecurity risk assessment; and, (2) create a response plan to guide your FI through the aftermath of a cybersecurity breach or incident.
Click HERE to register for iTod's upcoming cybersecurity webinar: "A 10-Step Cybersecurity Checklist to Maximize Protection for Your Institution."
Speaker: Patty Tehrani
Date: Tuesday, 16 May
Time: 11AM to 12:30PM ET