Pub. 10 2021 Issue 3

The CommunityBanker 8 The Presidential Executive Order on Cybersecurity and Your Business Introduction The Cyber Threat Landscape is increasingly prominent in the news, represented by the major security breaches of SolarWinds and Colonial Gas. In recent years, the United States federal government has passed many bills related to cybersecurity. One of the most comprehensive actions was just recently enacted in the Executive Order signed by President Biden on May 12, 2021 – “Executive Order on Improving the Nation’s Cybersecurity.” This particular executive order is primarily intended to address security in the federal government. Still, these requirements will quickly push out to any private sector business working directly or indirectly with the government or falling under any form of federal regulation. Cybersecurity insurance providers already require the implementation of some of these new standards. Banks already closely monitor for I.T. security and are required to have stringent controls in place. There is little in the new executive order not presently noted in the newest InTREx examination program for Information Technology. But small community banks can no longer expect to get a pass from having sophisticated tools in place to meet these standards. It has become more important than ever to know what’s happening on your network and react quickly if a malicious act occurs. The Key Takeaways of the 34-page order: Easier Access to Intel In the past, there have been some strong barriers between the sharing of information and data with the U.S. federal government and the private