On the other hand, there also are a number of good reasons not to pay a ransom. Tere are the societal costs to consider — paying the ransom could perpetuate attacks on other institutions or entice the hacker to hit you again for more money. Paying a ransom also could erode trust from customers and business partners, as payment could signal a lack of continuity planning and preparation.
Either way, the first time you think about ransomware attacks and how to handle them should not be aſter your bank has fallen victim to one. To that end, ABA recently released a new ransomware toolkit that provides helpful guides for protecting your bank against ransomware attacks, responding in the event of an attack and determining whether to pay a ransom. Download the toolkit at aba. com/ransomware.
Ransomware represents a serious threat to all businesses. But the good news is that the financial sector is ahead of the game when it comes to cybersecurity, given the rigorous regulatory framework banks adhere to. Aſter all, as we found in a recent ABA/Morning Consult poll, consumers overwhelmingly trust banks the most to keep their personal information safe and secure.
By addressing the problem of ransomware head-on and taking prudent steps to prepare, we can help our industry maintain its reputation as the “gold standard” for data protection.
Email Rob Nichols at nichols@
aba.com.
FASTER PAYMENTS AT THE SPEED OF LIGHT
MIB is proud to be named a participating organization for the Federal Reserve Bank FedNow Pilot program.
We are collaborating with other financial
institutions and FinTechs across the country to evaluate emerging faster payment solutions that are cost effective, easy to use and structured to serve the specific needs of your individual bank and the market(s) you serve.
• FedNOW Pilot Participant • RTP Funding Agent • Charter Member of the FPC (Faster Payments Council)
mibanc.com MEMBER FDIC
Working to find faster payment solutions for your bank. Contact Sheila Noll for details.
573.556.1335 THE MISSOURI BANKER 7
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