Tag Archive for: Cybersecurity

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Illuminating the Invisible: Why Dark Data Matters for Community Banks

By Ben Potaracke, vice president – IT, Locknet Managed IT

Community banks have long prioritized protecting the data they know they have like core banking systems, customer records, and financial transactions. But an increasing risk lies outside those structured environments, hidden in shared drives, archived emails, and legacy systems.

This is known as dark data, and for many financial institutions, it represents one of the most overlooked cybersecurity and compliance challenges today.

What Is Dark Data?

Dark data refers to information that an organization collects, processes, or stores but does not actively use or manage. In a banking environment, this might include:

• Old loan files saved outside official systems
• Archived emails containing sensitive customer information
• Spreadsheets with embedded credentials
• Data exports from legacy platforms no longer in use

This data is often retained for convenience or simply forgotten over time. The problem is that it typically falls outside formal governance and security controls.

Why It’s Becoming a Bigger Risk

Cybercriminals are increasingly using AI-driven tools to scan compromised environments for exactly this kind of data. Rather than targeting heavily protected systems, attackers look for overlooked files that may contain sensitive information with fewer safeguards.

For community banks, the implications are significant. A single forgotten file could expose personally identifiable information, account details, or internal credentials which could lead to regulatory scrutiny and reputational damage.

Expanding the Attack Surface

Every piece of unmanaged data increases a bank’s “attack surface.” Simply put, you cannot secure what you cannot see.

This creates challenges for modern security frameworks, including Zero Trust, which depend on clear visibility into where data resides and how it is accessed. Dark data undermines that visibility.

For banks and other regulated institutions, this issue goes beyond cybersecurity. Regulatory frameworks do not distinguish between active and inactive data. If sensitive information exists anywhere in your environment, it must be protected accordingly.

Compliance and Operational Implications

Dark data introduces several layers of risk for community banks:

• Regulatory exposure: Sensitive data stored outside governed systems can lead to audit findings or penalties.
• Increased breach impact: Unmonitored data is less likely to be encrypted or access controlled.
• Operational inefficiencies: Staff may struggle to locate accurate, up-to-date information amid outdated or duplicate files.

In many cases, the question after a breach is not just what was accessed but why it was retained and unmanaged in the first place.

The Financial Cost of Keeping Unused Data

Beyond risk and compliance, dark data also carries a tangible cost.

Banks often store large volumes of unused data across on-premises infrastructure and cloud platforms. Storage, backup, and replication costs scale with data volume, meaning outdated or redundant files quietly increase ongoing expenses.

For institutions managing tight budgets and limited resources, reducing unnecessary data can provide immediate financial benefits while also simplifying security and compliance efforts.

A Practical Approach to Managing Dark Data

Addressing dark data does not require a complete overhaul. Instead, it can be approached as a structured, ongoing process.

1. Identify and Inventory Data. The first step is gaining visibility. This involves scanning systems to identify where data resides, including file shares, endpoints, and cloud environments.

2. Classify Based on Risk. Not all data carries the same level of sensitivity. Classifying data based on regulatory requirements and business value helps prioritize what needs attention first.

3. Eliminate Redundant Data. A significant portion of dark data is redundant, obsolete, or trivial (often referred to as ROT). Removing unnecessary data reduces both risk and storage costs.

4. Apply Governance Controls. For data that must be retained, appropriate controls should be applied, including access restrictions, encryption, and retention policies.

5. Monitor Continuously. Data environments are constantly evolving. Ongoing monitoring helps ensure that new data does not become unmanaged over time.

From Hidden Risk to Strategic Asset

While dark data presents clear risks, it also represents untapped potential.

Within these datasets may be valuable insights into customer behavior, operational trends, and business performance. However, unlocking that value requires first ensuring that the data is properly managed, secured, and compliant.

As banks explore AI and analytics, having well-governed, high-quality data becomes essential.

Moving Forward

Dark data is not a new concept, but its importance is growing rapidly as cyber threats evolve and regulatory expectations increase.

For community banks balancing limited resources, rising threats, and ongoing compliance demands, improving visibility into data is a practical and impactful step. Because in today’s environment, the greatest risks are often not in the systems you actively manage but in the data you’ve left behind.

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Executive Letter: Cybersecurity Awareness Starts with Education

From the Desk of Rose Oswald PoelsBy Rose Oswald Poels

October is Cybersecurity Awareness Month — an annual reminder that protecting our customers is an ongoing and ever-evolving effort.

Bankers continue to see a range of scams targeting both customers and financial institutions — and these scams are no longer confined to clumsily-written emails and suspicious links. Bad actors use a mix of increasingly sophisticated techniques that weaponize social engineering and artificial intelligence to make phishing attempts appear legitimate to even the most cautious customer. Wisconsin bankers are seeing a rise in tactics such as:

  • AI Impersonations: Scammers use AI-generated voices that sound friendly and familiar, or emails that convincingly mimic a trusted institution.

  • Spoofing: Bad actors disguise a phone number, email address, or website to appear as though it is coming from their community bank or a government agency.

  • Phishing: Criminals send emails or texts that trick recipients into revealing sensitive information or clicking malicious links.

  • Brushing Scams: Consumers receive unsolicited packages as a part of fake transactions designed to boost a seller’s online credibility or steal personal information.

  • Romance Scams or Catfishing: Bad actors build emotional connections with victims online using stolen photos to gain their trust, then manipulate them into sending money or sharing personal information.

  • Cryptocurrency Scams: Criminals pose as investment advisors or romantic partners to convince victims to transfer funds into digital wallets. These transactions are nearly impossible to reverse.

  • Gift Card Scams: Scammers pressure victims into purchasing gift cards as “payment” for supposed fees or emergencies. Once the numbers are shared, the funds are instantly drained and nearly untraceable.

  • Synthetic Identity Fraud: Fraudsters combine real and fake personal data to create entirely new identities to open fraudulent accounts or apply for loans.

Education remains our best defense. WBA offers a library of consumer-facing resources designed to help Wisconsin banks communicate types of fraud and prevention tips to customers. Our latest “Don’t Be Spoofed” piece, along with additional cybersecurity safety resources like “Building Your Online Security” and “Don’t Get Spooked by Scams” are available for download on our website. These materials are ready to share on your websites, or easy to print to share in-branch with your customers.

Cybersecurity Awareness Month is the perfect opportunity to review internal protocols with your staff, refresh training, and speak directly with your customers. After all: Trust is at the heart of a successful banking relationship.

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AI Driven Threat Detection

By Rob Foxx

Have you ever wondered why there’s been such a strong push toward next-generation antivirus (NGAV) programs over the past five years? Many individuals, businesses, and even banks often fail to see the value in upgrading their traditional antivirus solutions. The reason isn’t always a lack of need — it’s often a lack of clear communication. As someone in IT, I admit that we’re not always the best at explaining complex concepts to those outside the tech world.

For years, traditional antivirus products rarely found any real issues — and if they did, the problems were usually resolved quickly. But does that really mean you’re safe?

Traditional antivirus is primarily designed to detect file-based threats. If an attacker is using only known malicious files, there’s a good chance your antivirus will catch it. However, attack tactics have evolved. A small change to a file can alter its signature and bypass detection. Worse, many modern attacks don’t rely on malicious files at all.

Today’s threats often reside in active memory or use legitimate system tools already present on the machine—a method known as “living off the land.” These attacks can operate under the same permissions as the user, making them harder to spot. In some cases, the attack originates from another compromised device on the network, meaning the affected machine may not have done anything wrong. While not all of these attacks use AI, the most advanced and damaging ones often do.

So, how do we defend against them?

That’s where AI-powered antivirus tools with EDR (Endpoint Detection and Response) capabilities come in.

Unlike traditional antivirus, AI-based systems use deep learning to monitor behaviors — not just file signatures. These tools analyze endpoint behavior, user behavior, network traffic, and file activity to identify suspicious actions. They go beyond detecting “known threats” by recognizing behavior that resembles malicious activity. Depending on configuration, these systems can automatically remediate issues or flag them for investigation.

Of course, behavior-based detection isn’t perfect. False positives are a reality. Fortunately, most systems allow tuning through rules, whitelists, and baselines to distinguish between real threats and benign activity.

EDR platforms also offer other advantages. For example, is one of your salespeople logging in at 3:00 AM on a Saturday? That could be a legitimate case — or it could be a compromised account. Did someone plug in a USB device? That might be a new keyboard — or it might be an external drive loaded with malware. Is your backup system suddenly seeing a spike in traffic? That could signal a ransomware attack preparing to encrypt your backup data.

With the right tools, you can detect and respond to threats like these before they cause damage. Which tools are best? That depends on your environment, but some leading names in that space include Cynet 360, CrowdStrike, SentinelOne, and others. Most rely on similar data sets, but their features, interfaces, and response strategies can vary.

In today’s cyber landscape, traditional antivirus simply isn’t enough. AI-powered, behavior-focused tools are no longer optional — they’re essential.

Foxx is director – infosec and IT audit services for FIPCO, a WBA subsidiary and WBA Gold Associate Member.

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What Cybersecurity Framework Is Right for You?

Sponsored content by Wipfli LLP, a WBA Silver Associate Member.

By Pedro J. Pinto, CISA, Manager

Cybersecurity is vital to any organization that deals with sensitive data, especially financial institutions. Cyberattacks cause significant losses, reputational damage, regulatory fines and legal liabilities for financial institutions.

Therefore, it is essential to have a robust and comprehensive cybersecurity strategy that aligns with the organization’s business objectives, risk appetite and regulatory requirements.

One way to achieve this is to adopt a cybersecurity framework that provides a structured and consistent approach to managing cybersecurity risks, implementing best practices and measuring performance. Common benefits of implementing these frameworks include:

  • Enhancing the security and resilience of information systems and assets.
  • Reducing the likelihood and impact of cyber incidents.
  • Establishing a common language and understanding of cybersecurity risks and controls.
  • Improving the communication and collaboration among stakeholders, including regulators, auditors, partners and even customers.
  • Facilitating the continuous improvement and adaptation of cybersecurity practices.

Common cybersecurity frameworks

Several cybersecurity frameworks are available today, each with its own scope, objectives and methodology. This table lists some details about the most common frameworks used by financial institutions:

Organization  Framework  Benefits  Features 
National Institute of Standards and Technology (NIST)  Cybersecurity Framework (CSF)  Provides a common language for understanding, managing and expressing cybersecurity risk.  Consists of five core functions: identify, protect, detect, respond and recover. 
Federal Financial Institutions Examination Council (FFIEC)  Cybersecurity Assessment Tool (CAT) 

  

 Helps banks assess their cybersecurity preparedness.  Consists of a series of assessment statements to determine an institution’s inherent risk and cybersecurity maturity. 
National Credit Union Administration (NCUA)  Automated Cybersecurity Evaluation Toolbox (ACET)  Helps credit unions assess their cybersecurity preparedness. 
Center for Internet Security (CIS)  Critical Security Controls (CSC)  Provides a prioritized set of actions for improving cybersecurity posture.  Consists of 20 critical security controls for effective cyberdefense. 
Financial Services Sector Coordinating Council (FSSCC)  Cybersecurity Profile  Provides a scalable and efficient approach for financial institutions to assess and manage cybersecurity risk.  Consists of diagnostic statements to determine an institution’s cybersecurity risk and maturity level. 

Which cybersecurity framework works best for your institution?

Any of these frameworks would do the job, but the question remains: Which one is best for your institution? Here are some considerations to help you choose:

1. Regulators

As regulators are the ones who ultimately have the final say on the adequacy of your institution’s cybersecurity preparedness, it is important to understand their expectations. The FFIEC CAT has been the standard used by banks and credit unions. In 2019 the NCUA published an updated assessment tool (ACET) specific to credit unions, though CAT and ACET are very similar.

In 2019, the FFIEC published a press release encouraging institutions to use a standardized approach to assess and improve cybersecurity preparedness and listed several frameworks that could be used for that purpose, signaling that the adoption of other standards, including industry-agnostic ones, was acceptable. In addition to the CAT/ACET, the list included the FSSCC Cybersecurity Profile, the NIST Cybersecurity Framework and the Center for Internet Security (CIS) Controls.

In 2023 the OCC published Bulletin 2023-22: Cybersecurity Supervision Work Program (CSW). They made it clear that institutions could use any framework they chose, but that the new program would more closely align with the NIST CSF.

2. Third-party providers

Another consideration is your third-party providers, especially if they play a more hands-on role in your institution’s cybersecurity. In some cases, the provider will help you complete the cybersecurity assessment, so it’s worth considering what frameworks they are familiar with so they can better help you or better understand requests you may have for improving certain controls.

3. Leadership

One consideration that sometimes gets overlooked is how the results from assessments can be reported. Depending on the level of comfort your board of directors and leadership team have with more technical information, it might be beneficial to choose a framework that provides the information in a more easily understandable format.

4. Internal teams

Lastly, it is important to consider who in your organization will be responsible for performing information security and cybersecurity assessments. This individual or team needs to be comfortable with the framework and understand its components to make it truly useful to the institution and not just a “checkbox” report to provide to regulators and auditors once a year.

Consider using one of the many risk management platforms available today. These platforms allow you to choose one or more frameworks as the basis for your information security and cybersecurity risk assessments and are automatically updated if the frameworks themselves are updated.

How Wipfli can help

Choosing and implementing a cybersecurity platform is essential to the long-term health and well-being of your financial institution, and our team of dedicated cybersecurity professionals can help put you on the path to long-term peace of mind. From selecting and refining a strategy to measuring performance, we’re with you every step of the way to help keep your data secure and your workflow safe. Learn more about our cybersecurity offerings.

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Understanding the Impact of Quantum Computing and AI on Cybersecurity

By Rob Foxx

The topics of quantum computing and AI are often new and confusing—and unfortunately, they haven’t been well explained to many people. However, these technologies are already changing the ways in which attackers gain access to systems and data.

According to a recent report by Mimecast, 95% of breaches are caused by human error. This staggering figure highlights the critical importance of training your staff as a core part of any cybersecurity strategy. These errors typically occur because someone or something appeared legitimate enough to prompt user action. This allows attackers to bypass most traditional security controls, since the malicious action is performed by an authorized user. As technology continues to evolve, we can expect human error to play an even greater role in future breaches.

How Quantum Computing Changes the Game
Before diving into its implications, it’s important to define what quantum computing actually is. Traditional computers use binary logic, representing data as either a 1 or a 0. In contrast, quantum computers leverage qubits, which can represent 1 and 0 simultaneously through a principle called superposition. This allows quantum computers to evaluate many possibilities at once, significantly accelerating complex computations.

While quantum computing demands more power and specialized hardware, its speed poses a serious threat to current cybersecurity defenses. For example, tasks like reversing a hash (e.g., an encrypted password) — which would take traditional computers days, weeks, or even years — can potentially be performed in a fraction of the time using quantum technology.

Quantum computing can also enable more sophisticated malware, especially under ransomware-as-a-service models, and may dramatically accelerate the discovery of zero-day vulnerabilities — making patching and proactive defense more critical than ever.

The Role of AI in Evolving Threats
Artificial Intelligence, at this point, should be a familiar concept. AI consumes vast amounts of data, analyzes it, and uses that as a foundation to learn, reason, and solve problems. While it’s far from perfect, AI has become a powerful tool — especially for bad actors.

Cybercriminals are now using AI to improve their research, enhance targeted phishing, and execute more convincing social engineering attacks. With access to better, more personalized data than ever before, AI-generated threats can appear highly authentic — even to seasoned users.

Additionally, AI can be used to create ransomware faster, with greater effectiveness, and with less technical skill required than in the past. These advantages make AI an indispensable tool for attackers — and a growing concern for defenders.

What You Can Do
The most important thing you can do today is educate your team and ensure you have access to cybersecurity experts who can help manage these risks. Strong security practices are more critical than ever, including:
•  Longer passwords, as recommended by National Institute of Standards and Technology (NIST)
•  Multi-factor authentication (MFA) for system access
•  Continuous logging and review of activity within your environment

In addition, legacy tools are no longer sufficient on their own. Many environments now require upgraded solutions, such as:
•  Next-generation antivirus (NGAV)
•  Managed Detection and Response (MDR) services from providers like Cynet 360, CrowdStrike, and SentinelOne

These solutions can analyze logs, detect threats, and issue alerts far more quickly than human analysts ever could. They typically cover:
•  User behavior analytics
•  System and process monitoring
•  Network traffic inspection
•  File and endpoint analysis

Most importantly, these tools are also AI-powered, allowing them to defend against AI-driven attacks using similar technology. In the rapidly evolving cybersecurity landscape, staying ahead means adopting the same tools and techniques your adversaries are using — and doing it before they do.

Foxx is director – infosec and IT audit services for FIPCO, a WBA Gold Associate Member.

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Phishing, But Make It AI: Why You’re More Likely to Click — And What to Do About It

Submitted content by Errica Padgett,  Operations Manager / vCISO Senior Advisor, Bedel Security, A WBA Associate Member

Remember the phishing emails of yesteryear? Misspelled words, weird formatting, maybe a Nigerian prince or two?

Those days are over.

Today’s phishing scams are being written by AI — and they’re dangerously convincing. They’re grammatically perfect. Emotionally persuasive. Tailored to your industry, your role, maybe even your recent LinkedIn post.

In short: you’re more likely to click, download, or reply — and that’s exactly the problem.

What makes AI phishing so effective?

  • Flawless writing: No typos, no weird phrasing — just polished, professional-sounding emails.
  • Personalization at scale: AI can generate custom messages that match your tone, industry lingo, and typical requests.
  • Speed: Attackers can generate hundreds of unique phishing emails in seconds, each tailored to trick a specific type of user.

A recent report showed click rates on AI-generated phishing emails were much higher than traditional phishing. That’s not a typo — and those clicks? They lead to malware downloads, credential theft, and full-blown breaches.

How to protect yourself (and your institution)

  1. Don’t trust the tone — verify the sender
    AI can mimic your colleague’s writing style. Always double-check the actual email address or contact info.
  2. Slow your scroll
    Scammers count on you being busy or distracted. Hover over links. Ask: Does this make sense?
  3. Treat attachments like they’re radioactive
    Even if the file name looks familiar, confirm it’s real before opening. Especially Word, Excel, or ZIP files.
  4. Train regularly — and make it real
    Simulate AI-style phishing in training exercises. People need to see what modern scams look like to build that mental muscle.

Bottom Line
AI didn’t invent phishing — it just made it faster, smarter, and harder to spot. But the solution isn’t panic — it’s preparation.

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Cybersecurity Without the Checklist: Adapting to the CAT’s Sunset

By Rob Foxx

2025 is already shaping up to be an unpredictable year for banks. The 2024 announcement of the retirement of the FFIEC Cybersecurity Assessment Tool (CAT), scheduled for August 2025, has been a major concern for IT and information security management.

The advantage of the CAT was its clarity — it clearly stated requirements and allowed institutions to set defined goals based on their maturity level. However, the tool also had significant drawbacks. It was not based on any existing security frameworks — of which there are many — and it had not been updated since its initial publication in 2015. Additionally, many examiners and auditors used it as a rigid checklist without considering that compensating controls, which meet or exceed a given requirement, could be acceptable.

Over the years, variations of the CAT were developed and maintained by industry professionals. Notably, the Automated Cybersecurity Assessment Tool (ACAT) by the Financial Services Sector Coordinating Council (FSSCC) (now discontinued), the Automated Cybersecurity Examination Tool (ACET) developed by the National Credit Union Administration (NCUA), and the Cyber Risk Institute (CRI) Cyber Profile created by the American Bankers Association (ABA), which is still actively maintained and aligned with modern security frameworks.

Your regulatory requirement has always been to evaluate and maintain your cybersecurity posture based on your institution’s risk appetite and goals. Fortunately, several viable options remain available, as long as they provide a repeatable method for assessing cybersecurity posture. However, most alternative tools do not define clear maturity goals as explicitly as the CAT did.

If you preferred the CAT, the CRI Cyber Profile or the ACET by NCUA are logical successors. Both tools maintain a similar format and function. For a more modern approach that moves away from Excel spreadsheets, CISA’s Cyber Security Evaluation Tool (CSET) is a compelling alternative. It is a free, standalone application that allows multiple contributors, document attachment for evidence, and references source materials for clarity. It also integrates with the NIST Cybersecurity Framework (CSF) and CIS Controls Version 8, which FIPCO IT Audit Services has been recommending for years. CSET additionally offers CISA’s Ransomware Readiness Assessment (RRA), a strong alternative to the Ransomware Self-Assessment Tool (R-SAT). For those seeking a more comprehensive evaluation, CSET provides full IT and information security risk assessments, not just cybersecurity-focused ones. Other acceptable frameworks exist, including paid solutions from IT management providers and specialized risk and security firms.

While change can be challenging, it is not inherently negative. The world has evolved over the past decade and so have cybersecurity threats and the controls used to mitigate them. Adapting how we assess and manage security posture is long overdue.

Consider your options carefully. Although the CAT is being retired, full adoption of a replacement tool is unlikely to be required immediately by August 2025. Now is the time to explore new solutions and ensure your institution remains secure and compliant.

Foxx is director – infosec and IT audit services for FIPCO, a WBA Gold Associate Member.

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Was the CrowdStrike Incident a Fluke or the Beginning of a Trend?

By Rob Foxx

On July 19, 2024, CrowdStrike pushed out an update to their customer base that disabled an estimated 8.5 million computer systems across the world. This not only damaged their reputation, but it also sent fear and uncertainty into those businesses that utilize IT services. This single event cost about $5.5 billion in damages and business loss.

The real question is who can be affected by an event like this. The short answer is anyone who uses any products or services that can affect the system files of a computer. This includes Microsoft Windows automated updates, antivirus, remote configuration tools, and many others. For those who are not familiar with the previously mentioned list you have several of these on any given business computer.

So why do we not hear about events like this more often? The reality of the situation is these events happen every day. Windows updates pushed out by a managed service provider that removes all network drivers, thus disabling the connection to the login service rendering a computer useless, was my personal CrowdStrike. This happened several times over the course of a month, anti-virus similar to CrowdStrike that disables use of business-critical software or core access. An update to Windows that prevents backup software from running correctly. These have all happened. Most people have never heard of these events as they did not have a worldwide impact or cost billions of dollars in losses. CrowdStrike made news because of their wide adoption as they offer a service only a handful of other companies do.

So how do I protect my organization? The only 100% means of protecting your computer environment is to power it down, unplug it, and bury it in concrete. Business, however, runs on acceptable risk, so let us look at what could help lower your risk and impact. During the course of onboarding or reviewing a vendor for contract renewal, you can verify or request that they add in testing criteria before sending out updates. Comparing vendor services with an RFP (Request for proposal) can identify whether a service fits your needs. Several similar companies allow for the designation of a test group which includes a sampling of computers across your organization. This group should fill all the key roles to running your enterprise and test for a week or more before the updates are pushed to the rest. Perhaps one of the best means to protect yourself is to have knowledgeable IT on staff or as an on-call vendor. The fix to restore CrowdStrike would take per computer less than 10 minutes at a keyboard. A little longer if the computer has BitLocker or other similar protections in place. A good recovery plan and continuity for running on alternate systems can also save quite a bit of recovery time.

I do believe there will be more events like the CrowdStrike outage, especially given how large some services grow to global offerings. I believe vendors will be more cautious in their products. Will you be more cautious in your implementations?

Foxx is director – infosec and IT audit services for FIPCO, a WBA Gold Associate Member.

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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.

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How the Right IT Managed Security Services Provider Can Help You Optimize and Grow

Sponsored content by Wipfli, a WBA Silver Associate Member

By Tom Wojcinski and Jeff Olejnik

IT Managed security services are vital in helping financial institutions oversee IT operations and compliance — but the right provider can take that role further.

IT Managed security services that bring increased capability and industry specialization can go from managing your IT infrastructure to modernizing it, acting as a strategic partner in identifying the solutions you need to optimize workflows and enhance the customer experience. And it can help you understand the latest updates to the cyberthreat landscape and regulatory priorities so your operations stay secure and compliant.

When you’re working with the right provider, you’re not just getting support for your servers — you’re getting support for your business.

Here are four ways IT managed security services can help you hand off operational tasks and grow your institution:

1. Modernizing your IT infrastructure

To implement the latest solutions, increase productivity and better reach customers, you need the right infrastructure. IT services can be a valuable source of insights into how your organization can create a modern workplace environment.

The right provider can help you update your IT infrastructure by switching out legacy systems and implementing cloud infrastructure — including helping you address the resulting security concerns.

Software as service (SaaS) platforms come with built-in security features, but they often leave you responsible for establishing things like permissions and access control. Your provider can help you build security strategies for cloud services and integrate new solutions with your core banking system.

2. Meeting customer needs

Customers expect services to be faster and more accessible across industries. If your financial institution wants to stay competitive, it needs to evolve the customer experience.

Managed services can help by taking on a more strategic role, providing guidance on an IT road map that supports technologies to help you:

Use dashboards to track key customer metrics.

Create a better omnichannel experience.

Use customer data to effectively cross-sell and increase wallet share.

Partnering with an effective provider can help you better strategize on how your institution can improve workflows and productivity so that you can deliver the experience your customers expect.

3. Enhancing your cybersecurity

Cyberattacks continue to increase in frequency and severity. Your IT managed security services should be helping your institution keep pace with support for:

Being proactive: In addition to addressing server performance issues, your provider should be proactively looking for indicators of compromise. They should employ 24/7 monitoring that can quickly identify and research any anomalies so that potential compromises can be solved before they escalate.

Staying updated: As AI continues to increase the frequency and sophistication of cyberattacks, your provider should not only be helping your institution enhance data protection but also adapting its own capabilities. An effective provider has the tools, infrastructure and threat detection in place to help them identify indicators of compromise faster, such as advanced endpoint detection and response and AI-powered threat correlation.

Meeting regulatory expectations: managed IT support with industry specialization can help ensure your institution meets key regulatory priorities in areas including ransomware, operational resilience and incident response. For example, it’s crucial that financial institutions use a provider that can retain security event logs if an incident does occur.

4. Providing crucial talent

For most institutions, establishing 24/7 security operations in-house is neither cost-effective nor viable.

Employing enough staff to provide that level of support requires substantial resources. And attracting and retaining staff can be equally challenging, given the current labor shortages and the relative lack of complexity and challenge financial institutions provide for these roles.

Outsourcing these positions with managed services provides you with the necessary staff and infrastructure without the cost of hiring. They can also help guide your institution’s data security at the executive level with fractional or virtual CISO services.

How Wipfli can help

Wipfli’s managed services go beyond IT operations and compliance to help your financial institution evolve. With industry specialization and deep cybersecurity capability, we can provide your institution with the solutions and strategy it needs to optimize operations and further its growth. We can also work alongside your current provider to augment your existing support.

Contact us today to learn more about how our managed services can transform your institution.

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