Independent Banker - October 2022 - 44

How to reassure customers
that their data is protected
The privacy of customers' personal
information is at the forefront of every
community banker's decisions, says Steven
Estep, ICBA assistant vice president of
operational risk.
" Community bank customers can be at
ease knowing that community banks take
the protection of their customers' data
very seriously, and community banks are
regulated by some of the strictest data
privacy laws of any sector, " Estep says.
The federal Gramm-Leach-Bliley Act
(GLBA) and its implementing regulations,
specifi cally Regulation P and the Safeguards
Rule, ensure that community banks are
properly securing personal information
while providing customers information
about control over their data, he notes.
Regulatory oversight agencies
require fi nancial institutions to have
routine information security audits and
cybersecurity testing, and community
banks could remind customers of the
security testing practices independent
parties perform for them each year, says
Bob Hickok, senior manager, risk advisory
services at Eide Bailly LLP in Fargo, N.D.
" Those banks that have rigorous in-house
vulnerability management programs in place
could comment on that to provide customers
a higher level of comfort, " Hickok says.
" Data privacy and security is very important
to customers, as data breaches can lead to
a loss of customers' trust, a traditional core
value in banking services. "
Community banks could also include
links on their websites for customers to
learn more about privacy and data security,
he says. Best practice sources include the
CISA (cisa.gov), Department of Homeland
Security (dhs.gov), NIST (nist.gov), FBI
(fbi.gov), FTC (ftc.gov) and links to guidance
from industry leaders such as Microsoft.
" Considering the fast pace at which
information security can change, [putting]
customers in touch with leading experts is
an easy way to provide help, as well as [show
them that we understand] the concerns
we all have about our own information, "
Hickok says.
42 Q ICBA Independent Banker Q October 2022
" Data privacy and security is
very important to customers,
as data breaches can lead
to a loss of customers' trust,
a traditional core value in
banking services. "
-BOB HICKOK, EIDE BAILLY
Mind your
third parties
" In today's mobile environment,
banks and consumers have to also
be concerned about who else they
are allowing to access their data, "
says Steven Estep of ICBA. " Many
apps, such as ones that help with
budgeting or peer-to-peer payments,
require access in one form or another to the customers'
bank accounts. Every app that a customer provides
credentials to, whether via API or directly to the app,
becomes a new risk to the customer's privacy. "
Banks should be familiar with what data these apps are
collecting from their customer accounts, and customers
need to be aware of the added risks they are exposing
themselves to by sharing their financial data with these
apps, Estep says.
http://www.cisa.gov http://www.dhs.gov http://www.nist.gov http://www.fbi.gov http://www.ftc.gov

Independent Banker - October 2022

Table of Contents for the Digital Edition of Independent Banker - October 2022

Table of Contents
Independent Banker - October 2022 - Intro
Independent Banker - October 2022 - Cover1
Independent Banker - October 2022 - Cover2
Independent Banker - October 2022 - Table of Contents
Independent Banker - October 2022 - 2
Independent Banker - October 2022 - 3
Independent Banker - October 2022 - 4
Independent Banker - October 2022 - 5
Independent Banker - October 2022 - 6
Independent Banker - October 2022 - 7
Independent Banker - October 2022 - 8
Independent Banker - October 2022 - 9
Independent Banker - October 2022 - 10
Independent Banker - October 2022 - 11
Independent Banker - October 2022 - 12
Independent Banker - October 2022 - 13
Independent Banker - October 2022 - 14
Independent Banker - October 2022 - 15
Independent Banker - October 2022 - 16
Independent Banker - October 2022 - 17
Independent Banker - October 2022 - 18
Independent Banker - October 2022 - 19
Independent Banker - October 2022 - 20
Independent Banker - October 2022 - 21
Independent Banker - October 2022 - 22
Independent Banker - October 2022 - 23
Independent Banker - October 2022 - 24
Independent Banker - October 2022 - 25
Independent Banker - October 2022 - 26
Independent Banker - October 2022 - 27
Independent Banker - October 2022 - 28
Independent Banker - October 2022 - 29
Independent Banker - October 2022 - 30
Independent Banker - October 2022 - 31
Independent Banker - October 2022 - 32
Independent Banker - October 2022 - 33
Independent Banker - October 2022 - 34
Independent Banker - October 2022 - 35
Independent Banker - October 2022 - 36
Independent Banker - October 2022 - 37
Independent Banker - October 2022 - 38
Independent Banker - October 2022 - 39
Independent Banker - October 2022 - 40
Independent Banker - October 2022 - 41
Independent Banker - October 2022 - 42
Independent Banker - October 2022 - 43
Independent Banker - October 2022 - 44
Independent Banker - October 2022 - 45
Independent Banker - October 2022 - 46
Independent Banker - October 2022 - 47
Independent Banker - October 2022 - 48
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Independent Banker - October 2022 - 50
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Independent Banker - October 2022 - 78
Independent Banker - October 2022 - Cover3
Independent Banker - October 2022 - Cover4
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