ransomware

We sit down with Stephen Dougherty of the US Secret Service to hear insights for preventing cyber attacks. Our discussion explores who is vulnerable and types of cybercrime, including BEC schemes, romance scams, work-from-home scams, deep fakes and more. Stephen also provides tips for preventing cybercrime, and reporting suspicious activity to law enforcement or relevant authorities.

CFIs are among many financial services companies that have been hit by ransomware attacks, and the financial services sector is among those most likely to pay the ransom. To fight back, CFIs need to create a hostile environment for cyber attackers.

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.

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.

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.

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.

Online crime has increased during the pandemic, unfortunately. The latest FBI internet crime report shows that 241K victims have fallen prey to phishing or related scams, business email compromise has resulted in losses of greater than $1.8B, credit card fraud claimed almost $130MM in losses, and 2.5K ransomware complaints were filed. We give you reminders to continue to stay safe along with your customers.