Independent Banker - August 2017 - 106

Nuts & Bolts
CYBERSECURITY WORLD
Held for ransom
Like enterprises of all sizes in virtually every sector, community banks are facing
the growing threat of ransomware attacks that would lock up their data. How
can community banks battle these threats?
By Karen Epper Hoffman
I
ncreasingly savvy cybercriminals
have come up with a new
favorite plan of attack in the
form of ransomware. These
viruses lock up businesses'
or individuals' data until a ransom is
paid, often in the form of bitcoin. And
community banks may be even more
in the crosshairs of these evolving
online attackers than ever before.
For thieves, ransomware ticks
all the right boxes: It can be easily
disseminated to enterprise targets,
usually through a phishing email or
attachment; it does not require much
skill or preparation; and it offers a
speedy payday in the form of " ransom "
paid by an organization to have
its data and networks " unlocked " or
decrypted by its attackers.
" Cybercriminals are getting better
and better at phishing emails
and log-on screens that look nearly
identical to what [employees] would
receive " from a legitimate colleague,
third-party provider or another party,
" Banks need to get
used to the idea of
sharing cyber-risk
information. There
is no competitive
advantage to the
bank next door
being attacked. "
-JOAN McGOWAN, CELENT
says Thomas L. Frale, director for
business development at RLR Management
Consulting Inc.
106 ICBA IndependentBanker August 2017
Like executives at most smaller
enterprises, many community bankers
long believed they were at less
risk compared with many of their
larger counterparts, which could
ostensibly pay attackers a higher
bounty. But now they are realizing
that their smaller size and lack of
resources to deal with these attacks
are making them ideal targets.
" Community banking institutions
are particularly juicy targets
because they tend not to have the
level of security controls and security
awareness processes in place that
the larger financial institutions do, "
says Tyler Leet, director of risk and
compliance services for Computer
Services Inc. (CSI), a banking technology
provider. " Who is affected
the most if a ransomware campaign
successfully strikes 25 computers and

Independent Banker - August 2017

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