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Safe And Sound: Cybersecurity for Community Banks  


Author:  John S. Servidio.; Ryan D. Taylor.


Source: Volume 28, Number 04, March/April 2015 , pp.5-14(10)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Cyber attacks are becoming more frequent, more sophisticated, and more widespread. Although attacks against large financial institutions and major retailers generate the biggest headlines, many community banks have also experienced cyber incidents—for example, being targeted by malware or phishing attempts to obtain customer data—in recent years. Community banks have also been the targets of automatic teller machine cash-out frauds and account takeover thefts. Unfortunately, many small and medium-size banks lack the resources they need to fight cyber attacks. This article describes how community banks can establish a game plan, consistent with banking agency guidance and based on the five pillars of cybersecurity preparedness, that will enable them to prevent, mitigate, and respond to cyber attacks.

Keywords: cybersecurity; community banks; risk management; risk governance framework; cyber hygiene; cyber incident plan

Affiliations:  1: McGuireWoods LLP; 2: McGuireWoods LLP.

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