Pub. 1 2021 Issue 1

32 | The Show-Me Banker Magazine PREPARING FOR THE WORST By Todd Nielsen, JMARK Business Solution, Inc. LETS YOU HOPE FOR THE BEST A fewweeks ago, I was out in our pasture and watched some of our cattle chowing down on a bale of hay. I chuckled as I snapped this pic- ture of that young Black Angus heifer sitting there relaxing, without a care in the world. As hay fell all over her, she appeared to be in heaven, happy and at peace. I don't claim to be an expert rancher, but I know that preparation is critical to the cat- tle surviving the winter. If I don't have hay and feed, they will be more prone to disease and other ailments and may not survive the colder months. If I wait to stockpile feed, hay and medicine, the prices will be astro- nomical in the middle of winter. Similarly, preparation is vital to success in life and, especially, business. With the economy, elections, pandemic, riots, and the overall state of uncertainty globally, nothing is more critical to our companies' success and longevity than good, solid preparation. Prepare to be a Technology-Driv- en Bank COVID-19 accelerated digital transforma- tion in banks, retail and many other areas. While technology in banking used to be considered a means to an end, it is now intricately woven through the fabric of a bank's operations. Generally speaking, every process and workf low in a bank involves technology. That also means that, with the better use of technology, banks can optimize their operations and workf lows to produce better outcomes. Many bank leaders are not committing enough resources to digital transforma- tion, which will produce innovation and growth. Banks need to find ways to deliver their services faster, ways to make faster decisions with a remote workforce, and ways to decrease the friction that consum- ers and businesses have while working with your bank. Like no other year, 2021 is the time to invest in technology and transform your organi- zation to meet your customers’ changing needs and behaviors. Prepare for the Worst Securi- ty Threats the World Has Ever Experienced JMARK monitors threats at a regional, national and global level, and the rise in threats throughout 2020 and leading into 2021 dwarfs previous years. The increase in attacks is mind-boggling. According to IBM, the average cost of a security breach in the United States is cur- rently $8.19 million per incident. It is hard to prepare and invest in the future when someone in your organization clicks a link in an email that sets you back $8 million. And no, insurance will not cover all that. I.T. security, just like technology, has to be woven into the fabric of a bank. Training, monitoring, policies, processes, controls, andmuchmore are all a part of this fabric. Security is so important because even a small breach can destroy positivemomentum when there is not much room for setbacks. Prepare for the Unknown Many businesses and banks that thrived during the last year did it because they had already prepared for the worst. They had developed backup and disaster recovery plans that addressed scenar- ios that occurred, such as mobilizing a