Executive Letter: Cybersecurity Awareness Month Underscores the Importance of Staying Informed and Vigilant
By Rose Oswald Poels
October is Cybersecurity Awareness Month and this year’s theme is “secure our world.” However, as Rob Foxx, director – infosec and IT audit services for FIPCO, astutely pointed out in a WBA staff meeting this week, “If you’re doing it right, every month is cybersecurity month.”
According to Forbes, cybercrime is surging. 2023 saw a notable increase in cyberattacks, resulting in more than 343 million victims.
I know leaders at many member banks are concerned about the ever-increasing costs of cybersecurity and the growing threat of reputational damage. WBA understands the challenges facing the industry and can offer support on several fronts.
Consider sending your key employees to WBA events on the topic, like the annual Secur-I.T. Conference recently held in Wisconsin Dells. Attendance can keep your team up to date on the most recent trends in cybersecurity and incident response techniques.
WBA’s Best Practices Library housed on our website features a robust list of security and financial crimes resources.
WBA’s subsidiary FIPCO offers an IT Audit & Security service. This service, which includes tests, audits, and resources, helps your financial institution stay one step ahead in mitigating high-risk areas. FIPCO’s team can also provide consultation and advice to ensure that your cybersecurity strategy is complete.
Additionally, Midwest Bankers Insurance Services (MBIS) provides cyber insurance for your bank to help guard against losses. In their 2024 Cost of a Data Breach Report, IBM Security calculates that the average total cost of a data breach is $4.88 million, a 10% increase over last year. Because of this risk, comprehensive insurance coverage is crucial in the event of an attack. MBIS offers an extensive list of insurance coverages, including cyber liability. The insurance carriers for cyber liability policies also provide extensive resources that MBIS recommends be immediately engaged in the event of any cyberattack.
Additionally, FIPCO’s Loan Processing Central service provides a resource you can retain ahead of time to immediately step in if a bank experiences a disaster, including a cyberattack, to help continue the processing of your loan documentation.
Cybersecurity is covered in Wisconsin Banker articles. In case you missed them:
• Guarding the Vault: Strategies for Banks to Combat Ransomware Threats
• Embracing a Culture of Cybersecurity
Foxx’s column for Wisconsin Banker often includes relevant cybersecurity information:
• How Do Business Leaders Protect Data?
• Passwords: Ensuring Secure Data
Several cybersecurity webinars are currently available to WBA members including:
• The Top 6 Controls to Reduce Your Risk of a Cyber Incident, October 15 and on demand
• Preventing & Addressing Crime: Cyber, Human Trafficking & Disaster Relief, on demand
Technology is ever-evolving, and so are the skills of cybercriminals. That is why it is crucial to stay informed and vigilant to protect your bank’s reputation and preserve your customers’ trust. It is WBA’s aim to be an active partner in ensuring your bank and your employees are equipped to protect against the threat of cyberattacks.
If you are interested in finding out more about the protections WBA can help you implement at your bank, please contact Rob Foxx (FIPCO) at rfoxx@fipco.com or Jeff Otteson (MBIS) at jeffo@mbisllc.com.
