Did you know there might be information about your bank’s cyber vulnerability on the internet? Or that it’s common for a hacker to have access to a system months before an exploit? Or that ‘one password’ compromised is what brought down the entire Colonial pipeline recently? K·Coe’s cybersecurity consultants explain why it’s crucial to maintain a risk-oriented view and be proactive about cyberattacks.
What public information is out there about your bank and its information technology (IT) systems?
It might be more than you think.
Criminals use tools and websites to quickly identify low-hanging fruit to attack. Many businesses are unaware that the vulnerabilities like open ports, malware infections, and unpatched software are displayed on the internet for cyber attackers to exploit. This public information can create an easy opportunity for an unauthorized person to easily breach your systems. If you want to get a look at your systems the way a hacker sees them, contact me to evaluate your cybersecurity scorecard.
Myth: Our bank is too small to be targeted.
Truth: No amount of financial data is too small to need protection.
User IDs, passwords, credit card information, and more data found in your systems can all be sold on the dark web. If/when hackers can’t get into the larger targets, they will turn to less-protected targets.
To make matters worse, we’ve witnessed businesses have to call their clients and regulators to inform them of a breach and the damages are then imposed on both the reputation and bottom line.
Myth: Our bank can’t afford professional IT help.
Truth: You can’t afford not to tighten cyber controls.
According to a study published by the IBM/Ponemon Institute in 2020, the probability of an organization experiencing a data breach is 27.7% and the average cost of a data breach was $3.86 million. Tightening and maintaining security controls with professional help will not cost that.
Contact a K·Coe banking advisor with questions regarding the cybersecurity of your community bank.