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BID Newsletters
Feb 15, 2022
With big threats of ransomware, financial institutions rely on their back-up systems to avoid paying a ransom and indemnify them, if their systems are not unlocked by the thieves. This has prompted cybercriminals to go straight to the source and target stored data. With 69% of financial institutions stating that an attack on their stored data would have a catastrophic effect on their business, data protection is critical. Here are three ways to do it effectively.
May 17, 2022
Cybersecurity is a top priority these days. Cybercriminals are crafty and can find their way in. Last year, all forms of cybercrime showed an increase, resulting in $6.9B of losses. Today, we cover five forms of cybercrime that particularly stand out.
Mar 17, 2022
The use of QR codes has skyrocketed since the pandemic. This year, one billion smartphones are expected to access QR codes globally, according to Juniper Research. This increased use has gotten the attention of cybercriminals. Here are four ways you and your customers can protect yourselves.
Dec 13, 2021
The pandemic has impacted financial institutions in many ways, especially with the explosion of digital payments. This increase caught the attention of cybercriminals, as eight out of every ten fraudulent transactions entail a card not present (CNP). Here are four steps community financial institutions can take to help prevent CNP fraud.
Nov 23, 2021
This year has certainly been a year of change. Today we look back on how some fundamental changes to the regulatory and cybersecurity landscape have affected community financial institutions. It’s been a year of renewed focus on compliance and risk, the LIBOR transition, and increasing threats from cybercriminals.
Jun 18, 2021
Cybercriminals are bold these days, as cyberattacks remain lucrative for them. In 2020, more than 19K businesses and individuals lost over $1.8B through email fraud, more than any other type of cybercrime. The best defenses for financial institutions in the fight against business email compromise are employee training, KYC & suspicious activity tracking along with security tools and customer information.
Jun 17, 2021
Infamous cybercriminals caused the Colonial Pipeline breach and also hacked into three community banks within the same timeframe. Seven tips can help protect your institution, including: educating employees, limiting network exposure, backing up data, automatically updating devices, contacting the FBI if attacked, reminding customers regularly, and keeping resources handy.
Jun 10, 2022
Many financial institutions rely on interactive voice response to provide customers secure access to information about their accounts. While extremely efficient for customer service, insufficient security measures can also make them a gateway for fraud. We highlight several areas that bankers should be aware of regarding IVR fraud.
Apr 5, 2022
Cybersecurity is a constant concern. Yet, with the latest Russian cyber threats, it is becoming even more important. Your small business customers could be affected, directly and indirectly. So, we dig deeper to provide you with the current top threats and critical protective measures.
Mar 18, 2022
With 58% of C-suite and senior business leaders reporting that cyberattacks increased by 10% or more in 2021 vs. 2020, cybersecurity is increasingly vital. We review the top cybersecurity concerns from the 2021 CSBS National Survey of Community Banks and share an important tool to use in protecting your institution against surging cyber risks.
Feb 28, 2022
Deepfakes have been around for a while, but they are now increasing dramatically with costly effects. Deepfakes are fabricated pictures, videos, or audio using advanced technologies to replace a person in an image or alter a person’s voice. Let’s explore the latest insights from industry experts, how much damage deepfakes are causing, and how to protect your institution from three related scams.
Jan 24, 2022
Are you protected against drive-by skimming and supply chain website attacks? These can be hard to detect even with the usual cybersecurity measures such as firewalls, penetration tests, and security assessments. We explain how these attacks happen and what community financial institutions can do to mitigate the risk of these occurring to them.
Jul 19, 2021
With the recent cyberattack on Kaseya, cyber concerns remain high among many businesses, especially small businesses. For good reason, as 43% of cyberattacks target small businesses. Community financial institutions may want to familiarize themselves with cyber insurance basics to help guide their business customers as more may turn to insurance to protect themselves. We provide four cyber insurance considerations.
Dec 1, 2022
Cyber criminals lurk in a murky digital netherworld just beyond a CFI’s security wall. Knowing how to monitor those cyber spaces can help protect against breaches. We discuss a few growing cyber threats as well as strategies to enhance your CFI’s digital protection to prevent potential attacks.
Oct 12, 2022
The financial sector is facing a debilitating cybersecurity talent shortage. In a proactive response, many companies are broadening candidate pipelines and cultivating talent on their own terms. We dive into several examples of unconventional, yet practical, talent sourcing methods.
Oct 3, 2022
As the amount of online fraud continues to rise, there is mounting evidence that information-sharing initiatives around the world could provide a glimpse into the future of how financial institutions can most effectively identify and combat cybersecurity attacks.
Sep 12, 2022
Online gaming platforms have become extremely popular in recent years, with 76% of children under 18 playing regularly and connecting their parents’ credit cards and bank cards to their gaming accounts. Financial education about the risks of online gaming payments can add value for young and older customers alike.
Sep 8, 2022
A June 2022 report from Allure Security, a cybersecurity firm that specializes in protecting financial institutions, says that about 20% of CFI’s are the targets of website impersonation attacks. Rather than simply assume that website impersonation attacks are something that happens to larger banks, CFIs should be proactive about protecting themselves and their customers from this kind of fraud. We explore a few tactics to keep your CFI and your customers safe.
May 19, 2022
Anti-money laundering practices have been under more scrutiny as the pandemic ushered in more digital payments and cryptocurrency activity. Now, with the invasion of Ukraine, anti-money laundering measures and OFAC compliance tops regulators’ lists. Here are important risks to look out for and reminders on how to continue strengthening your practices to mitigate these risks.
Dec 23, 2021
Due to the high stakes in cyber risks within the financial industry, regulatory agencies recently issued specific guidance called, “Computer Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers.” The new rule goes into effect on April 1, 2022, and financial institutions are required to comply by May 1, 2022. Here are the details.