Cybersecurity insurance is an increasingly important component of your financial institution’s overall information security program. When a data breach or other hostile technology event occurs, cybersecurity insurance proceeds can provide funds to repair your hardware, recover intellectual property, and even pay for the work you do to reverse adverse reputational impacts.
In the ever evolving landscape of cyber risk, cyber insurance is more important than ever. This is a policy that is specifically tailored to the cybersecurity and information security needs of your institution, potentially covering incidents such as ransomware, cyber extortion, data destruction, and more. To engage with insurers and take out such a policy, the broker will be asking for information around how you secure your institution, including your user access practices and how you are managing to least privilege. CEO and Founder Zach Duke spends a few minutes sharing the cautionary tale of the National Bank of Blacksburg as well as some things to consider when working to secure this type of insurance. Watch the video then read on for further discussion.
For the 18th year, October serves as Cybersecurity Awareness Month. With the evolving trends in cyber risk, the diversity of cyber attacks, and the breadth of exposure nearly everyone faces in regards to their digital footprint, it is more important than ever to be cyber smart. The CISA and the National Cyber Security Alliance have declared October a month to focus on educating everyone about their responsibility in maintaining a resilient cybersecurity posture. Below we discuss what that means for you as a financial institution, as well as share key ways you can capitalize on this educational momentum by focusing on 4 primary pillars.
The FFIEC AIO (Architecture, Infrastructure, and Operations) is an update to the operations handbook that was released on June 30, 2021. It doubles the size of the existing operations booklet released in 2004, and provides some considerable changes in regulatory expectations. It includes some expanded guidance from the previous booklet (on items such as hardware and software inventories, and environmental controls) as well as brand new areas of guidance (including increased accountability for board and senior management, third party risk management, and evolving technologies).
The sophistication of cyber attacks continues to grow. According to the Accenture Cost of Cybercrime Study, the average cost of a breach in financial services is $13 Million. As a financial institution, we have to be right 100% of the time while Cyber Criminals only need to be right once.
Kaseya provides IT Management Software to MSPs and IT Teams to improve efficiency and security. This week they were unfortunately the victim of a sophisticated cyber attack. Many organizations that use their product may be asking themselves, "what do I need to do to protect myself and my team?" Finosec has put together a video series to help guide you through the attack, next steps and what it means for your institution.