Pub. 10 2020-2021 Issue 6

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S www.coloradobankers.org 10 FEATURE ARTICLE BY TYLER LEET Strengthening Your Defenses Against Emerging Cyber Threats O ver the past year, cybercriminals have proven they are adept at taking advantage of the vulnerabilities stemming from changing work environments and increased digital channel usage. As institutions continue navigating the risks and challenges of remote workforces, it is imperative to stay informed of existing and emerging cybercrime trends. A variety of scams have made recent news, many of which opportunistically seize upon pandemic-related topics. Your institution must be prepared to recognize and mitigate evolving cyber threats, including: • S ocial Engineering: We’ve seen a stark increase in social engineering campaigns as cybercriminals leverage the hardships of the pandemic, including increased levels of stress among employees. Many of these campaigns masquerade as being related to stimulus checks, unemployment benefits or even vaccines. CSI’s 2021 Banking Priorities Executive Report revealed more than 80% of bankers iden - tified some form of social engineering as the top cybersecurity threat of 2021. • Ransomware: Once installed, ransomware locks out the authorized user and encrypts the available data to hold for ransom. Since ransomware attacks pose little risk to hackers, provide a speedy payout for criminals and are perpetuated with relative ease and anonymity, institutions should remain on high alert to identify and combat these attacks. Ransomware can be crippling for institutions, especially if regular data backups are not maintained. Because this type of malware continues to be an attractive method of extortion, incidents of