OPERATIONAL RISK

Cyber & Data Security

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

Cybersecurity is the prevention of damage to, protection of, and restoration of data, systems and processes. Cybersecurity has three main components, data security, user security, and infrastructure security.

Data security is the concepts or strategies used to keep data secure. Data security focuses on protecting personally identifiable information (PII) from unauthorized access as one would see during a cyber breach or other significant cyber incident.

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

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Cyber and Data Security News

ICBA Offers Cybersecurity Tips So Consumers Can Connect Online with Confidence

ICBA Press Release Banner 2020

Washington, D.C. (Oct. 1, 2020) — As Americans venture online in greater numbers to accommodate work, school and shopping realities due to the COVID-19 pandemic, the Independent Community Bankers of America (ICBA) and the nation’s community banks are offering practical steps during Cybersecurity Awareness Month to help them safeguard sensitive data and mitigate losses in the event of a data breach or compromise.

“There is a cyberattack every 39 seconds, and an estimated $17,700 lost every minute to phishing attacks—a problem only exacerbated by the COVID-19 pandemic,” ICBA President and CEO Rebeca Romero Rainey said. “The good news is that community banks are well equipped to tackle cybercrime and want to ensure all Americans have the resources to help them avoid falling victim. Together, we can reverse this disturbing trend and create a safer, more resilient cyber world for everyone.”

ICBA recommends consumers take the following precautionary measures to protect their sensitive information while on the go, in the workplace, and at home:

  • Enable the strongest authentication tools offered by their bank. Popular authentication methods include biometrics, security keys and single-use codes.
  • Use unique passphrases as passwords and differentiate them across multiple platforms. Length trumps complexity. A strong passphrase is a sentence that is at least 12 characters long.
  • Do a system check. Purge unused apps and outdated or sensitive information stored in old files and emails and ensure all software on internet-connected devices is current.
  • Manage social media settings and minimize information sharing. Just a few data points can create a pathway for exploitation by cybercriminals.
  • Use WiFi judiciously: Limit the type of business conducted over open public WiFi connections, including logging in to key accounts like banking.

Consumers can also make sure their account has not been compromised by taking the following steps:

  • Monitor account activity regularly for transaction irregularities and report discrepancies to your financial institution immediately.
  • Back up intellectual property and other digital information and store it safely so in the unfortunate event of a ransomware or other cyber threats you have a way to retrieve the data.
  • Read the fine print when purchasing items online. If prompted, do not save credit and debit card information on the merchant’s website or app.
  • Stay vigilant. Be mindful when shopping online and look for signs of illegitimate websites. Spelling or grammatical errors, missing contact information, and suspicious URLs or email addresses are all red flags.
  • Look for special indicators such as web addresses with https:// that denote extra measures taken to help secure your information. URLS that end in .BANK are assigned for exclusive use by financial institutions.

Learn more about how to protect your digital life during Cybersecurity Awareness Month by visiting the Stay Safe Online website. Join the conversation online using the hashtag #BeCyberSmart.

 

About ICBA

The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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