Pub. 1 2021 Issue 2

April 2021 | 13 • The increase in cyberattacks targeting banks in 2020 was 238%. (Fintech News) • Cloud-based cyberattacks rose 630% in Q1 2020. (Fintech News) • Remote work has increased the average cost of a data breach by $137,000. (IBM) These statistics make it clear that the bad guys are relentless when working to find a way into your network. Just as with so many other things that changed in 2020, there will be no going back. Cybercrime is a rising concern, and that trend will continue to move upward. Getting Back to Sleep So, what can you do to increase your bank’s security posture and take the upper hand in the battle against cybercrime? Some cybersecurity solutions are more easily and quickly implemented than others. Still, it is import- ant to note that every security component, large or small, plays a vital part in keeping you safe. Think of cybersecurity as made up of individual bricks in a wall. Any missing brick leaves a gap that might allow something to slip through. Yet every additional brick you add does not stand alone and strengthens the surrounding pieces of the wall. If you have yet to do so, implement two-factor authentication (2FA) and a password management policy throughout your bank. (I know, I know, the only phrase you hear more often than “cybersecuri- ty” from us I.T. guys is “better passwords!” But there are few things you can do that are easier yet will have such a large impact.) Explain the heightened risks to your employees and start ongoing end-user security training to keep everyone in the company sharp and up to date on recognizing suspicious activity and threats. Pair these initial actions with an evaluation of your current security plan. Talk to your provider about how patching and updates are executed on your systems, as well as monitoring alerts and unexpected behavior across your network. Then go deeper and discuss what happens should a breach of any sort occur. Talk about immutable backups and a technol- ogy restoration and continuity plan. Look into your ONE POWERFUL SOLUTION. Country Banker’s all -in-one software is customizable, intuitive and delivers effortless in-depth analysis. Get immediate access to reports, including: ■ Trends and Ratios ■ Collateral Analysis ■ Risk Based Pricing ■ Credit Risk Rating ■ Projected Cash Flows ■ Shocks & Sensitivity ■ Loan Presentations ■ Global Analysis ■ Proforma Financials T o learn more , contact us to schedule an interactive demonstration . www.countrybanker.com 800-780-5479 sales@countrybanker.com Robust Software for Ag, Commercial and Consumer Loan Analysis cyber-insurance policy and make sure that it is aligned with the risk your bank is willing to accept as well as your current revenue. You may also want to consider developing an emergency customer communications plan in the event of a data breach. Most importantly, don’t let up. The cy- bercrime syndicates that are out there will keep pushing to find a way into your network; you must keep pushing back. The bright side is that there are also plenty of good guys ready to work Questions? Contact Brad Prost at 417-837-4855 and bprost@jmark.com. just as diligently to keep you safe. Better security is possible, and with the right planning and effort, you can make your bank a more difficult and less desirable target and regain some of the peace of mind that leads to a good night’s sleep. ■