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

SolarWinds: What community banks need to know

The supply chain attack on the SolarWinds Orion Platform and subsequent customer breaches is affecting every corner of the economy, including community banking, ICBA President and CEO Rebeca Romero Rainey wrote.

In a message to community bankers, Romero Rainey offered a breakdown of key facts about the event:

  • The attack took place between March and June 2020 and has pushed malicious code to an estimated 18,000 customers.
  • The Cybersecurity and Infrastructure Security Agency issued an alert and an emergency directive encouraging affected organizations to use available detection countermeasures.
  • The Department of Homeland Security and FS-ISAC are holding calls today, Dec. 17, on the attack. The FS-ISAC call is scheduled for 10 a.m. (Eastern time), followed by the DHS call at noon.
  • The Treasury Department is seeking feedback from financial institutions that have ever run the compromised SolarWinds Orion systems at OCCIP-Coord@treasury.gov or anonymously through FS-ISAC at sharingops@fsisac.com.
  • ICBA will continue updating its Cyber and Data Security resources section with the latest information.