The current geopolitical climate, greater reliance on digital channels and increased turnover in a variety of industries have created an environment ripe for vulnerabilities. And cybercriminals are wasting no time exploiting the weaknesses and vulnerabilities of systems to launch sophisticated attacks. Unfortunately, the availability and automated nature of modern ransomware allows an attack to be initiated with limited upfront costs and maintenance from criminals. Since ransomware attacks pose little risk to the hacker, provide a quick payout for criminals and are carried out relatively easily and anonymously, institutions should remain on high alert to identify and combat these threats. How to Strengthen Your Bank’s Cybersecurity Posture As incidents of ransomware and other attacks increase in frequency and sophistication, consider the following strategies to enhance your bank’s cybersecurity posture: 1. Prioritize Cybersecurity Training: With 41% of bankers emphasizing employee/board cybersecurity training, most understand that the “people factor” represents an institution’s biggest potential Continued on page 20 May • June 2022 19
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