Independent Banker - January 2025 - 34

PORTFOLIO CHECKS & BALANCES
It's time to bolster
cybersecurity
measures-now
and forever
As the costs of data breaches continue to rise, it's essential
for community banks to access and use available federal
cybersecurity tools for combating fraudsters and bad actors.
By Lance Noggle, ICBA
yberattacks are becoming
more sophisticated, and banks
face increasing regulatory pressure
to strengthen their cybersecurity
strategies. Meanwhile, the cost of a data
breach is skyrocketing.
C
Last year, the average cost of a data
breach in the U.S. was $4.88 million,
up from $4.45 million the previous
year. This represents a 10% spike in
breaches-the highest increase since the
global pandemic, according to IBM.
Community banks are feeling the
effects of the changing regulatory
landscape and growing customer data
privacy concerns. As a result, ICBA
members are prioritizing cybersecurity
as a strategic imperative. They are
improving security measures, providing
additional employee training, and staying
ahead of the latest threats and trends.
More than just due diligence
As pillars of their communities, ICBA
members must approach cybersecurity
on an around-the-clock basis. After
all, the bad actors never sleep; they're
constantly coming up with new ways
to infiltrate systems, exploit them,
steal their data and use it for nefarious
purposes. Being forever vigilant is
essential and can't be overlooked.
Vigilance must become a part of your
bank's culture.
It's important to note that not every
data breach or cyberattack is overly
sophisticated. In fact, many of them can
infiltrate through fairly innocent means.
For example, the employee who doesn't
understand the danger of opening
a phishing email from an unknown
source can unwittingly wreak havoc
on the bank's systems, databases and
customer data. Banks can reinforce the
importance of recognizing and avoiding
phishing attempts by investing in regular
cybersecurity awareness training.
For example, sending phishing email
attempts to your own staff-something
we know everyone hates, even though
34 // ICBA Independent Banker // January 2025
Illustration by 11/Adobe

Independent Banker - January 2025

Table of Contents for the Digital Edition of Independent Banker - January 2025

Contents
Independent Banker - January 2025 - Cover1
Independent Banker - January 2025 - Cover2
Independent Banker - January 2025 - Contents
Independent Banker - January 2025 - 2
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