Stay Updated on Cyber Threats to Community Banks and Credit Unions
All financial institutions are a target for criminals. While large banks have entire teams dedicated to stopping attacks, smaller banks might rely on employees who handle many areas. Smaller credit unions or community banks might only have a single IT person.
Join Virtual Events on Cybersecurity
Cipher is proud to partner with two associations whose goal is to inform their members. The Independent Community Bankers Association (ICBA) is the primary association for community banks. Community banks hold more than $5 trillion in assets and employ over 700,000 people in the United States. On May 4, 2021 we will present a session to their members on Cybersecurity for Community Banks. Register for the session here.
The Credit Union National Association (CUNA) advocates for over 5,000 credit unions in the United States. On May 12, 2021 we will present a session to their members on Cybersecurity for Credit Unions. Register for the session here.
The leaders at these organizations need to keep current on news, trends, and solutions related to information security. Here are just a few reasons continuing learning is important:
1. Evolving Attacks Techniques
Criminals hackers are always looking for a new way to exploit a company. New themes in phishing emails occur with every news cycle. From COVID-19 vaccines to spoofed financial emails, criminals constantly evolve. Vulnerabilities are being announced every day, along with the patches that must be installed to prevent their usage.
2. Updated Regulations and Compliance
Banks and credit unions are subject to a myriad of rules and regulations. These vary by the type of institution and location. The New York Department of Financial Services (NYDFS) has specific regulations for cybersecurity. Sarbanes-Oxley (SOX) is a federal law that touches on cybersecurity for financial institutions.
3. New Ways to Stop Hackers
Certain fundamentals of cybersecurity are not likely to change in foreseeable future. Passwords should be strong. Caution should be taken when visiting unfamiliar websites or clicking email links. As the criminals develop new methods, the good guys innovate as well. The software, services, and processes that companies employ should evolve. For example, Cipher released CipherBox in 2019. In the time since, new advances like Domain Protection and Proactive Vulnerability Alerting have been included.