Financial institutions have been subjected to a barrage of cyberattacks the last several years, and according to Cybersecurity Ventures, the global cost of cybercrime damages will hit $6 trillion annually by 2021. This includes damage and destruction of data, theft of personal and financial data, and disruption to the normal business operations, among others. With so much at risk, it is imperative that community banks and credit unions have the proper security layers in place to protect against these attacks and stay updated on all emerging security threats to better safeguard financial information.
▼ Here are five key resources that will help your institution stay informed on the current and emerging security threats in the industry:
- Peer Networks and Third-Party Expertise
According to our 2017 Community Bank Information Technology Outlook survey, more than 90% of respondents claimed they turn to their peer network for information. These confidants provide valuable first-hand information from trusted individuals who have knowledge of the industry and are experiencing similar situations and issues.
- User Groups
User groups ranked as the second most popular resource with 78% of survey respondents indicating they value these events as venues to investigate different solutions and services to address compliance and security issues. Many vendors, like core systems providers, host regional user groups that meet regularly and hold educational conferences where bankers can broaden their knowledge. Some examples include Fiserv Forum, FIS Infoshare , Jack Henry Annual Conference, and Symitar Educational Conference & Technology Expo. Safe Systems also hosts its own user conference and symposiums to help educate customers on the latest trends in technology, compliance, and security.
Industry conferences also rank highly as another important resource for community banks and credit unions to keep up with security threats and industry news. Conference participation offers an excellent opportunity for face-to-face contact and networking with experts and other peers in the industry. Some of the top industry conferences include: American Bankers Association events, Finovate Fall and Spring Shows and BAI Beacon.
- Industry Blogs and White Papers
Many of the top news stories covering the latest data breaches or ransomware attacks provide relevant information that can be used to strengthen your own institution’s IT security strategy. Financial industry executives also turn to industry blogs and white papers as well as trusted publications for educational information. Some of the leading industry media include: banking.com, americanbanker.com, bankingjournal.aba.com and bankinfosecurity.com.
- Industry Associations
Many industry organizations have state-specific banking associations that are designed to bring together all categories of banking related issues and topics that best represent the interests of each state. Examples include the California Bankers Association, North Carolina Bankers Association, Kansas Bankers Association, and the New York Bankers Association.
The financial services industry experiences a constant level of change relative to security threats, and the pace of change can be a bit overwhelming for bankers and credit union executives. Keeping up to date is imperative, however, as it is necessary in the development of more effective defenses. For insights on the latest security threats, please download our complimentary white paper, “Ransomware and the Evolving Security Landscape of Today’s Financial Institution.”