Pub. 5 2015-2016 Issue 6

12 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 FEATURE ARTICLE It is crucial that your institution’s board of directors and executive management be focused on and well-informed about the threats posed by cybersecurity attacks. CHRISTOPHER R. JOHNSON, ESQ., ASSOCIATE ATTORNEY JONES & KELLER, P.C. Cybersecurity and The Community Bank T he threats to the financial services indus - try posed by cybersecurity events are per- sistent and well documented. At the same time, technological advancements in the financial sector have dramatically expanded the channels through which banks are able to service their clients. One result is that those tasked with managing a bank’s risk must strike a delicate bal- ance between the legal, operational, regulatory and reputational risks posed by cybersecurity threats and the significant efficiency and cost-saving op - portunities presented by these new innovations. For several years, regulators at the state and federal levels have stressed the importance of im- plementing andmaintaining robust processes and procedures to mitigate the threat and resulting consequences of cybersecurity incidents. One way larger banks have responded to this regula- tory pressure, and the fallout from several high-profile cybersecurity incidents, is by expanding budgets dedicated to preventing and responding to cybersecurity incidents. At the 2015 World