A new program offered by the FDIC is calling for community banks and credit unions to beef up their cybersecurity and risk management strategies. Recent information from "FDIC on Why Banks Need a Disaster Plan for Cyber Threats" reports that the FDIC says it "encourages banks to practice responses to cyber-risk as part of their regular disaster-planning and business-continuity exercises."
"Cyber Challenge: A Community Bank Cyber Exercise," is available on the FDIC's website. The program includes four real-world attack and cyber-threat scenarios presented in brief videos. After viewing the scenarios, participants are directed to materials that pose questions and possible solutions for banking teams to discuss.
The scenarios include a processing failure; an account takeover incident; a phishing attack that infects a bank's network with malware; and operational problems stemming from an institution's technology service provider performs an update. Given the many threats they now face, community banks and credit unions should take advantage of all available resources.
It is suggested that community bank directors use the cyber challenge program to openly discuss operational risks with their peers and employees and review the potential impact of cyber-attacks and other technology disruptions on their customers and operations.
Whether it's ensuring your core system is safe in the event of a disaster, or working as a sounding board, FLEX works with you on how to best approach your Disaster Recovery Plans. We like to think of ourselves as partners with our clients. Regardless if you listen to us, or the FDIC's advice, consider adding cyber attack responses in your diaster planning if it's not already in there!
