When autocomplete results are available use up and down arrows to review and enter to select.
Oct. 03, 2023
In today’s ransomware-prevalent world, adopting a robust cyber resilience strategy is critical to community banks and any institution in the financial services sector. With traditional backup and recovery systems at risk of compromise in the event of a malware attack on IT systems, ICBA helped found the Sheltered Harbor initiative to protect against cybercrime.
This not-for-profit, industry-developed standard helps protect and recover customer account data if a catastrophic event causes critical systems—including backups—to fail. As the threat of malware grows, Sheltered Harbor has continued to expand in recent years to promote security and public trust in the banking system.
To maintain the public’s trust, banks must make customer balance information and access to funds available within 24 hours of a devastating cyberattack.
To achieve this, community banks must operate a robust cyber resiliency strategy, which includes protecting critical assets, segregating customers’ account data, and planning how to respond to a worst-case event. This protocol ensures accounts can be quickly restored within hours of experiencing an extreme cyber, data-corruption, or data-deletion event—allowing depositors to continue to access their accounts while normal operations are reestablished.
The roadmap for how to do this exists and is already being used by hundreds of financial institutions participating in Sheltered Harbor. It includes a set of heavily tested and implemented solutions and certifications.
Regulators across the globe recognize Sheltered Harbor as the financial industry’s standard-setting and certification body for cyber resilience and the long-term health of the financial sector.
To promote public trust and secure customers’ data, Sheltered Harbor utilizes an approach that relies on three pillars:
Sheltered Harbor also provides an ecosystem and community of specialized, trusted partners to help. Those who follow this plan can be confident they will never lose their data, and they will be able to continue to serve their customers after an attack.
Moving quickly after a seismic cyber event is paramount to preserving the public’s confidence in the banking system, and Sheltered Harbor is the lifeline for resiliency. To maintain public confidence, community banks should make Sheltered Harbor certification a priority.
ICBA encourages community bankers to visit the Sheltered Harbor website to start the journey toward cyber resilience certification today.