Pub. 9 2021 Issue 3

14 The Community Banker mibonline.org payment of ransom demands to individuals on the OFAC Specialty Designated Nationals and Blocked Persons List (SDN List) and other specified persons and countries. (Please see the advisory at https://home.treasury.gov for a complete list of prohibited parties.) Steps to take in the event of an attack. Both the FBI and the Federal Financial Institutions Examination Council (FFIEC) encourage ransomware victims to notify law enforcement immediately. In addition, the FFIEC recommends notifying your appropriate bank regulator and filing a Suspicious Activity Report, if appropriate. Insurance Implications. Notice of a potential ransomware matter should be given to the bank’s insurance company(ies) immediately. Typically, a breach coach will be assigned to your case to determine the appropriate steps to take to deal with the ransomware demand and associated potential breach. Not only does the carrier work with designated vendors with specific expertise in the type of breach the bank has incurred, but costs incurred by the bank without carrier approval are not necessarily covered by the insurer. Various coverages are available to mitigate the bank’s expenses, and the bank should review its exposures and the appropriate coverages/limits to purchase with its experienced insurance advisor. United Bankers’ Agency (UBA) offers cyber insurance to protect your community bank in the event of a security breach. Our community bank-specific insurance solutions will ensure you have the right coverage in place. In addition, UBA provides a full suite of identity theft protection products for your customers, from basic consultation restoration to web watcher, idINTEGRITY Scan. For more information or to schedule a consultation, go to ubb.com/insurance. The best way to counteract ransomware attacks is to prevent them. Consult with your IT professionals and MSPs to tighten up your security measures. Continued from page 13 Closing SBA loans keeps doors open. Call 800.340.7304 to start www.holtandmon.com Your customers have never needed capital more than they do right now. Plus you need to offset narrowing margins by increasing noninterest fee income. SBA/USDA lending is the perfect answer. And ICBA recommends just one provider to make the process hassle-free: Holtmeyer & Monson. Give customers exactly what they need, at no net cost to your bank. Small businesses count on your expertise. You can count on ours.