Independent Banker - October 2021 - 36

PORTFOLIO
◎FOCUS CYBERSECURITY
What's in a
cybersecurity risk
assessment?
The way community banks gauge cybersecurity risk is the same
as for any other risk, but it's becoming more important as the
industry adopts the latest digital tools and practices. Here's why
community banks should be doing cybersecurity risk assessments.
By Mary Thorson Wright
A
s community banks increasingly
rely on digital tools,
cybersecurity risk also grows. But a
cybersecurity risk assessment can
help a community bank understand,
control and mitigate such risk.
" Risk assessments are used
to identify hazards that could
negatively impact an organization's
ability to conduct business, " says
Joel Williquette, ICBA's senior
vice president of operational risk
policy. " They can be used to identify
mitigating controls that result
in reduced risk and are a critical
component of risk management
strategy and data protection efforts
for community banks. "
Issues may occur in a community
bank's internal systems or in
those of their third-party service
providers. These run the gamut from
ransomware, phishing and malware to
data leaks and insider threats.
Luckily, gauging cybersecurity risk
is similar to measuring other types of
risk. You consider the likelihood of
events, the impact on the organization
and the effect of mitigating factors like
new technology, updated processes
and procedures, and employee
training. Using a virtual private
network (VPN) or implementing
a firewall are just two examples of
mitigating controls for the risk that
modern banking introduces to a
community bank.
Building a list of risks that need to
be measured, mitigated, monitored
and reported on is a first step to
risk assessment and management,
Williquette says.
" You can start from scratch by
identifying a list of risks and grouping
them by type or function, or you may
inherit a pre-existing list or purchase
a pre-constructed list and modify it
to suit your needs, " he says. " Many
IT operations are going to be similar
to yours, so if it is in your budget to
36 Q ICBA Independent Banker Q October 2021

Independent Banker - October 2021

Table of Contents for the Digital Edition of Independent Banker - October 2021

Table of Contents
Independent Banker - October 2021 - Intro
Independent Banker - October 2021 - Cover1
Independent Banker - October 2021 - Cover2
Independent Banker - October 2021 - Table of Contents
Independent Banker - October 2021 - 2
Independent Banker - October 2021 - 3
Independent Banker - October 2021 - 4
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Independent Banker - October 2021 - Cover3
Independent Banker - October 2021 - Cover4
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