Independent Banker - October 2021 - 5

FLOURISH
" We know that despite the frights
cyberattacks bring, you continue
to flourish by safeguarding the
communities you serve. "
Rebeca Romero Rainey
President and CEO, ICBA
I
t strikes me as interesting that
both Halloween and Cybersecurity
Awareness Month fall in October.
After all, the rapid rise in fraud
during the pandemic would spook
anyone and definitely keeps
community bankers up at night,
which is why meaningful monitoring
and action continue to be necessary.
While community banks have done
much to safeguard their institutions,
ongoing vigilance is needed.
According to the Ransomware Task
Force, ransomware gangs stole three
times more in 2020 than they did in
2019, and projections indicate that
worldwide cybercrime costs will hit
$6 trillion for this year.
These statistics are hair-raising,
but ICBA and our industry
have been working diligently to
prevent sweeping impacts. In fact,
community bankers have instituted
processes to thwart attacks, including
taking actions to halt these scary
scenarios. Here are a few examples:
1. Educating customers.
Customers are the first line
of defense in cyberattacks.
The work you have done and
continue to do to educate your
customers allows them to better
take control of their actions,
such as not clicking on links or
sharing personally identifiable
information in emails or texts.
If they understand the lengths
fraudsters will go to access their
accounts, they are better prepared
to protect the point of entry.
2. Sharing information. When a
cyberattack occurs, community
banks share information with
peers to help prevent losses.
This knowledge transfer extends
internally. All levels of the
organization need to be up to
speed on cyber risk, how it's
being mitigated and the resources
available to them.
3. Resourcing teams
appropriately. Cybersecurity has
to be constantly managed to keep
up with threats. Having the right
team-whether through internal
resources, external solution
providers or a combination-is so
important. It's about finding the
best mix for your bank and making
sure you're supporting the team to
stay on top of emerging risks.
In addition to these efforts, ICBA
reinforces your cybersecurity activities
through the Operational Risk Resource
Center. This center offers tools to help
you navigate cybersecurity (icba.org/
solutions/operational-risk). Beyond
that, this month's Independent Banker
is dedicated to the topic and will give
you additional ideas to help you on
your cybersecurity journey.
Our goal is to support you in your
efforts to mitigate cyberattacks and
their effects on your community.
Because we know that despite the
frights cyberattacks bring, you
continue to flourish by safeguarding
the communities you serve.
Connect with Rebeca @romerorainey
Where I'll Be
I'm looking forward to convening in person during our
leadership and committee meetings, Oct. 17-21, and
throughout the fall, including at the Western State Directors
Education Foundation Symposium in Scottsdale, Ariz., on Oct. 25.
independentbanker.org Q 5
Photo by Robert Severi
http://www.icba.org/ http://www.independentbanker.org
Independent Banker - October 2021

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