Hoosier Banker 41 5. Be aware that some attacks are physical. We typically think of cyberattacks occurring “invisibly,” through system networks and software. But at least one entity is now mass-mailing infected “free” USB drives to financial institutions. Remind employees to discard any hardware that comes from unknown sources. 6. Consider the benefits of cloud technology. A recent article in The Wall Street Journal described how remote-work capabilities could become more common as money tightens and daily operations need more flexibility. Cloud computing is both more efficient and flexible, and is easily scalable. Bank regulators have taken notice, saying that outsourcing such technologies gives banks more options. Time will tell, but this may be a turning point for American business. As more workers have established a routine for working from home – and have found surprising levels of efficiency and productivity – it’s expected that this could become more of the norm, at least in the near term. Some in the financial services industry have been slow to change; they may now be forced to out of necessity. It’s incumbent upon directors to champion for this flexibility and resiliency by ensuring their data security and information infrastructure is ready to handle it. HB Reprinted with permission from Bank Director, May 11, 2020. Premier Bank, Defiance, Ohio, is the new name of the merged First Federal Bank of the Midwest, Defiance, and Home Savings Bank, Youngstown, Ohio. The new name became effective in June, and full merger integration is to be completed by mid-July. The Premier Bank website is available at YourPremierBank.com. HB Introducing Premier Bank Managing the web of complex issues and regulatory constraints that surround banking today has never been more challenging. So the deep expertise of our banking team has never been more vital. Make life easier. Call us today. New Albany 812.945.2311 Louisville 502.423.0311 monroeshine.com CERTIFIED PUBLIC ACCOUNTANTS Audit & Assurance BSA & ACH Compliance Outsourced Internal Audit SEC & SOX Compliance Loan Review IT Risk Management Consulting Services Merger & Acquisition The Indiana Bankers Association strives to deliver services and products that help bankers succeed and grow, as well as connect with peers in the industry. To help achieve this goal, we are happy to offer members another platform to connect and share ideas freely with members by offering IBA Google Groups. Topics include: - BSA/AML - Internal Audit - Commercial Lending - Marketing - Compliance - Risk Management - Coronavirus Response - Training Director - Human Resources - Trust and more! Visit indiana.bank/iba-google-groups for instructions on how to join!
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