Pub. 4 2015 Issue 1

The CommunityBanker 6 t is no secret that cyber-attacks against financial insti- tutions of all sizes are on the rise. These attacks are becoming both more frequent and more sophisticated. As Community Bankers, this should definitely get our atten- tion. Providing the level of customer service that is ex- pected of community banks will include protection from cyber-attacks. Cyber Security is also in the forefront of our customers’ minds as they read about various breaches day after day. Some of these breaches may even involve them personally. How do we answer their questions and calm their fears? What are we as management and direc- tors doing to ensure we are prepared? What are we to do if we find that we are a victim of one of these types of attacks? We need well-defined preparedness policies and procedures. These Cyber Preparedness documents should iden- tify our bank’s potential cybersecurity risk with a detailed risk assessment. We should identify our threats and vulnerabilities. We should institute safeguards to mitigate the threats identified. Then we need monitoring to detect against internet intrusions. Even with the best plan, attacks are possible. So it is also very important that we have an incidence response plan of action. We need to be ready to move decisively, effectively and quickly to lessen the damage that can be done. What communications are necessary? What are the immediate actions needed from your response team? This is where a Cyber Incident response checklist could prove to be an invaluable tool for management. Developing a plan of action is not a difficult task, but one that should be a priority for our institutions. The Federal Financial Institutions Examinations Council (FFIEC) has taken numerous steps to raise awareness with bankers and their critical third party service providers. My encouragement to you is to have a plan. There are many resources to assist you with this endeavor and the VACB can definitely help. On April 2nd, The VACB will co-sponsor a Cyber Security Seminar in Richmond, in collaboration with Secure Banking Solutions and Travel- ers Insurance. This timely and informative seminar will address various aspects of cyber security and can assist bankers with moving forward with this urgent matter. Please look for information regarding this informative seminar and don’t wait for an attack to happen to your in- stitution for this important topic to get your attention. Chairman’s Message M E S S A G E President’s Message I A By John Caldwell VACB Chairman By Steve Yeakel, CAE VACB President & CEO Cyber Security - How Do we Prepare? s you read this, my prayer is that we are all celebrating the spring thaw . . . The Chairman’s good comments above speak well to VACB’s knack for addressing the critical education needs of community bankers, and providing solutions by way of timely programs featuring industry experts, tailored spe- cifically and solely to the needs of the community bank. We also concentrate extensively on bringing the clear voice of community banks in Virginia to our leaders on Capitol Hill in Washington, DC. As I have mentioned previously, our opportunities for meaningful change in the laws that frustrate growth in our communities are great, but the timeline is short. We are acting with a heightened sense of urgency, and urge you to consider increasing your engagement in two important ways. First, when you respond to our calls for action, ask those bankers you talk to over the following days if they have done so, and encourage those who have not, to do so. Second, please give serious consideration to joining us at the ICBA Washington Policy Summit, April 29-30, or encouraging someone from your bank to participate. Your presence and your stories make significant impressions on our policy makers. We’ll enjoy making new friends and renewing longstanding friendships as well. Join us!