Hackers are leveraging emerging technology to find vulnerabilities in systems once thought impossible to exploit. As a technological renaissance pushes new methods of convenience and optimization, it’s crucial to remain vigilant in a continuously changing setting.
Cloud security has become increasingly crucial as more community banks are transitioning from on-premises solutions to cloud-based services. The rapid transition to the cloud has greatly expanded the potential areas for cyberattacks, posing a significant challenge for security teams.
Cybersecurity should be a foundational element of any community bank, but do you really need to be insured for it—especially as premiums rise? We spoke to experts to learn more about this type of insurance.
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.
In the first half of 2022, there were 817 data breaches in the U.S., and combined with data leaks and data exposure, they impacted more than 53 million individuals. These are alarming numbers, but they could have been much worse without the use of some form of multifactor authentication.
It comes as no surprise that cybersecurity tops community bankers’ list of risk concerns. In fact, cybersecurity ranks higher than government regulation, the cost and availability of labor, and inflation, as a chief threat for 2022, according to a Conference of State Bank Supervisors survey.
Smart contracts — blockchain-based programs that operate when predetermined conditions are met — offer potential use cases as well as risks for community banks evaluating their payments processing capabilities
Smart contracts — computer programs that automatically execute specific actions — are becoming increasingly relevant to community banks. Here’s a breakdown of smart contracts and how they could ultimately serve community banks.
Between March and June of last year banks experienced a 520% increase in phishing and ransomware attempts. Though these trends were exacerbated by COVID, cybersecurity has been a top concern for the financial services industry for years.
A recent 21st Century from the Conference of State Bank Supervisors report indicates that more than 80% of bankers ranked cybersecurity risk as “very important,” which was more than twice the rate for any other type of operational risk.
In the wake of the high-profile cyberattacks on SolarWinds and Colonial Pipeline affecting national security and the everyday lives of Americans, cybersecurity has never been a more pressing concern to community banks.
The Office of Cybersecurity and Critical Infrastructure (OCCIP) is closely monitoring the ongoing Microsoft Exchange vulnerability exploitation (ProxyLogon) incident and is coordinating with our sector and interagency partners. Here are the latest updates.
Catching synthetic identity fraudsters remains difficult, and the fall-out of not detecting it, is substantial. AI company Coalesce estimates that synthetic identities account for more than 20 percent of losses in a loan portfolio, and for credit, they average 4.6 times the typical loss.
When I think about customer-permissioned data sharing, I am reminded of the scene from the movie, Ferris Bueller’s Day Off where Ferris and his best friend, Cameron, leave the keys to a Ferrari with an attendant only to discover later that the valet has taken the luxury sports car out for a joy-ride.
During the pandemic, three types of attacks and scams have risen sharply, and bankers should anticipate seeing more of these threats throughout the pandemic’s duration. This blog explains them and how you can protect your community bank.
As more and more consumers are moving to online banking during the coronavirus pandemic, some for the first time ever, criminals are looking for ways to take advantage of unsuspecting individuals.
In honor of National Cybersecurity Month, ICBA's Jeremy Dalpiaz extols the benefits of using a .BANK domain as an additional safety precaution to protect customers from phishing and cyberattacks.
ICBA's Jeremy Dalpiaz discusses the fastest-growing type of financial crime in the U.S.—synthetic identity fraud—and offers tips to help community banks fight back.
Today’s cybercrime is masked in various forms and unassuming emails as criminals look to best the system for financial gain.ICBA is doing its part to help community banks address this growing threat—arming our members with information, resources and partnerships to safeguard their institutions and their customers.
