Magazine article Independent Banker

Are You Viewing Cyber Risk across the Enterprise?

Magazine article Independent Banker

Are You Viewing Cyber Risk across the Enterprise?

Article excerpt

In 2017, we have seen a wave of sophisticated cyber attacks and data breaches. September alone saw the Equifax breach of 145 million Americans' information, Deloitte's breach through an internal email platform and the SEC's disclosure of a hack that may have enabled illegal trades. Noting that intrusions will continue in both the public and private sectors, SEC Chairman Jay Clayton said, "A key component of cyber-risk management is resilience and recovery."

But how can you be resilient when attacks continuously evolve, compliance demands grow, digital ecosystems expand and resources for protecting data cannot keep pace? Community banks are increasingly looking for better, more cost-effective solutions. A first step is to view cyber risk as part of an Enterprise Risk Management (ERM) strategy. By doing so, banks elevate cybersecurity as a top concern for all departments, and can prioritize resources to those areas most in need.

REGULATORY FOCUS ON THIRD PARTIES

Regulators are increasing demands on banks, including greater board oversight, hiring of information security officers, and proof that the large number of third-party vendors now frequently involved in critical activities are being assessed, monitored and managed. There is an urgent need for economical solutions that answer crucial questions such as:

1)How do I know I'm assessing what's necessary to be compliant and managing the risk appropriately?

2)How do I ensure that vendors are assessed uniformly?

3)How do I risk-score vendors? …

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