Independent Banker - April 2018 - 80

Nuts & Bolts
BANK SECURITY
Don't take the bait
Phishing has become a primary method for cybercriminals to plant malware and
ply fraud on unsuspecting bank employees and customers. As their techniques
become more sophisticated and their attack surface broader, community banks
are finding themselves in the crosshairs.
By Karen Epper Hoffman
actors " who unwittingly open a
malware attachment, according to a
recent IBM study.
" The human factor continues to be
the target because it is likely to be the
most easily fooled, " says Joseph Zazzaro,
senior vice president and chief
information officer for the $2.2 billion-asset
PeoplesBank in Holyoke,
Mass. " Since banks can move money
so well and efficiently, they continue
to be the target for hackers. The risk
continues to be high because of the
human factor. While nothing new,
employees and customers continue
to be targeted for the simple fact that
they are the best bet for the attack to
be successful. "
When it comes to cybercrime,
" different groups set their sights
on different types of targets, " notes
Limor Kessem, global executive
security advisor for IBM Security. In
general, he says that cybercriminals
are always looking for the " lowerhanging
fruit, and they will test their
tools and schemes against targets
they would assume to be less secure
or less challenging. "
Kathleen J. Luczynski, senior vice
I
n studies and surveys and
anecdotes, it is often pointed
out that the greatest point of
IT security vulnerability in
any organization is the one
between the keyboard and the chair:
the human employee.
Hence, phishing and its more
targeted big brother, " spear phishing, "
have become primary approaches
for attackers who realize that they
do not need to possess great hacking
skills to get into a bank system. All
they need is enough information to
craft a somewhat believable email
or social media post that will make
an unsuspecting employee click on
an attachment or a link and trigger a
download of malware to their entire
network. Indeed, more than half of all
phishing scams that target financial
institutions are tied to " inadvertent
76 ICBA Independent Banker April 2018
president and chief information officer
for $530 million-asset Adams Community
Bank in Adams, Mass., points out
that " fraudsters go where opportunity
and the money is ... and they know
there's plenty of it in financial institutions.
And although some spread the
net as far as they can, others spear
phish where they suspect there is
more opportunity. " Many of these
spear-phishing attacks, she says, take
the form of more targeted emails-one

Independent Banker - April 2018

Table of Contents for the Digital Edition of Independent Banker - April 2018

Table of Contents
Independent Banker - April 2018 - Intro
Independent Banker - April 2018 - Cover1
Independent Banker - April 2018 - Cover2
Independent Banker - April 2018 - Table of Contents
Independent Banker - April 2018 - 2
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Independent Banker - April 2018 - Cover3
Independent Banker - April 2018 - Cover4
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