Pub. 17 2020 Issue 3

16 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 N E W M E X I C O R E A L I Z E D R E A M S A s a result of the COVID-19 pandemic, there has been a marked shift in how we work and use technology to stay connected and execute business. Many institutions are managing remote work- forces while navigating the pandemic’s ongoing effects, leading to various challenges, including addressing cybersecurity threats. Understanding the Risks There is a variety of cybersecurity risks for financial institutions to combat, including: • Phishing: As many employees transitioned to remote work in early 2020, phishing scams skyrocketed with attackers targeting personal email accounts in an at- tempt to compromise home networks. • Malware: Cyber attackers are leveraging malware to obtain usernames, passwords and payment card information stored in a user’s browser. According to security vendor Carbon Black, attacks targeting the financial sector have increased by 238% from Febru- ary to April 2020. • IT Falling Behind: A recent Aite report noted that IT departments are often short-handed and are now responding to remote work environments’ challenges, leading to increased maintenance backlogs and slow response times. • Business Email Compromise (BEC): The FBI issued a warning in early 2020 regarding a spike in BEC scams, which involve a criminal sending an email and imitating the owner’s identity, such as a company executive or recognized vendor. 8 WAYS TO ENHANCE SECURITY FOR YOUR REMOTE WORKFORCE By Steven Ward , CIO Manager, CSI