Pub. 10 2020-2021 Issue 4

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 24 8 Ways to Enhance Security for Your Remote Workforce BY STEVEN WARD A s a result of the COVID-19 pandemic, there has been a marked shift in howwe work and use technology to stay connected and execute business. Many institutions are managing remote workforces while navigating the pandemic’s ongoing effects, leading to various challenges, including ad - dressing cybersecurity threats. Understanding the Risks There is a variety of cybersecurity risks for financial insti - tutions to combat, including: • Phishing: As many employees transitioned to remote work in early 2020, phishing scams skyrocketed, with attackers targeting personal email accounts in an attempt to compro- mise home networks. • Malware: Cyber attackers are leveraging malware to ob - tain usernames, passwords and payment card information stored in a user’s browser. According to security vendor Carbon Black, attacks targeting the financial sector have in - creased by 238% from February to April 2020. • IT Falling Behind: A recent Aite report noted that IT de- partments are often short-handed and are now responding to remote work environments’ challenges, leading to in- creased maintenance backlogs and slow response times. • Business Email Compromise (BEC): The FBI issued a warning in early 2020 regarding a spike in BEC scams, which involve a criminal sending an email and imitating the owner’s identity, such as a company executive or recognized vendor. How to Enhance Security for Your RemoteWorkforce To defend against the ever-present threat of cyberattacks, con - sider the following tips to secure your institution’s workforce. 1. Provide Secure Internet Access While providing employees with virtual private network (VPN) access will help mitigate cyber threats, there are risks as - sociated with employees using their home networks for business when not connected to VPN. Security solutions that protect your network and users but do not interfere with business activities are priorities. Encourage employees to address the following questions to reduce the penetrability of home networks: • What is the quality of your home network? • Does your home network still have the default password? • How old is the router? • What protocols is it running? • Do your personal devices have up-to-date malware and virus protection, the latest security patches and updated third-party software installed?