Pub 3 2021 Issue 3

4 | HOMETOWN BANKER | HOMETOWNBANKER.ORG PREVENTION. PROTECTION. DETECTION. SECURITY SAFEGUARDS – THEY’VE NEVER BEEN MORE IMPORTANT By Diane M. Sweeney I t is estimated there are over 2,200 cyber-attacks every day. That’s one every 39 seconds. No company or government is shielded from cybercriminals. Global losses from cybercrime exceeded $1 trillion in 2019, as reported from a study conducted by McAfee Corporation and the Center for Strategic and International Studies (CSIS). That number was an increase of 50% from 2018. As technology advances, the severity and frequency of attacks are escalating. One of the more disturbing cyberattacks that happened at the onset of the COVID 19 pandemic was the hack at Solar Winds, a major US information technology firm providing software to the U.S. Government and Fortune 500 corporations. In February 2020, malicious code was added to the Orion software system used by 33,000 of their customers. It went undetected for months. When Solar Winds sent out updates to the software during those months, the malware went along with it. This created a backdoor at these customer firms where hackers could spy and obtain information. One hack now affects multiple organizations and runs deep. The banking sector, of course, is not immune to hacks — and is a prime target for cybercriminals. Cyber threats within the industry continue to evolve and be complex. We recently spoke to Jeremy Burris, Principal, Technology Services Group at Snodgrass, a Certified Public Accounting and Risk