• Being Unprepared to Respond to a Cyber Attack: 18% of bankers expressed concern with their preparedness for cyberattack responses. As incidents evolve, institutions must ensure they plan accordingly, including developing and testing robust incident response plans (IRPs) that detail the steps to take in the event of a cybersecurity incident. Having an established IRP makes it easier for institutions to act decisively and minimize negative consequences if faced with a cyberattack. • Lack of Compliance with Cybersecurity Frameworks: 17% of bankers selected lack of compliance with cybersecurity frameworks as a top concern. Implementing robust cybersecurity frameworks, such as the National Institute of Standards and Technology’s Cyber Security Framework (NIST CSF), helps institutions identify and apply solid controls in high-risk areas. Proven frameworks also enable banks to maximize compliance initiatives and cybersecurity spending. • Cyber Risks Not Being a Priority for Executive Leadership: This year, 17% of respondents indicated concern that cyber risks are not a priority for their institution’s executive leadership. Institutional leadership should recognize cybersecurity as a business issue, and a chief information security officer (CISO) plays an important role in guiding cybersecurity spending. Are Bankers Ready to Respond to Cybersecurity Threats? Preparing for the inevitable cyberattack is a never-ending responsibility. Let’s gain insight into banking executives’ perspectives on their own cybersecurity readiness: • Improving Cybersecurity Education: 92% of respondents agree — with 50% strongly agreeing — that their bank could improve cybersecurity education. If your employees receive a suspicious email, do they know the proper steps to report it? Educating employees on evolving threats and the latest social engineering schemes is one of the most effective ways to mitigate cyber risk. • Understanding Cyber Risk: Most respondents (89%) agree they understand their institution’s cyber risk. But as risk continues to evolve, are banks keeping up with the latest threats? Understanding recent cyber incidents provides key insight into how bad actors execute attacks and helps institutions stay one step ahead. As discussed previously, consider implementing a cybersecurity framework to guide risk mitigation if you haven’t already. • Producing a Business Case for Cyber Spending: An overwhelming majority (92%) of respondents feel their CISO can produce a strategic business case for cyber spending. Since cybersecurity affects the entire organization, it should be viewed as a business issue. IT governance helps your institution ensure your technology Mortgage Investment Services Corporation 22316 Midland Drive • Shawnee, KS • 66226 • 913-390-1010 NMLS# 194708 • A Kansas licensed mortgage company #MC 0001182 Missouri Residential Mortgage Loan Broker Licence # 10-1912 Oklahome Mortgage Broker #MB001953 Colorado License #100044344 Nebraska Licensed Mortgage Company NMLS#194708 Arkansas Licensed Mortgage Company License #124530 20+ Years! Depend On Us! For 20+ years, community banks in the Midwest have depended on MISC’s expert mortgage services for their customers. • Free Loan Officer Training & Webinars •Offer all secondary market loan programs: VA, FHA, USDA/RD, Conventional & Jumbo •Earn more fee income with less risk Call or email today. Let’s discuss how MISC can help you! Andrew Holtgraves, Senior Vice President Cell: 913-558-2555 Email: Andrew@MISCHomeLoans.com 9 In Touch
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