FEATURE


When you know more about these threats, their nature, and their perpetrators, you can develop a deep bench of data and facts to better protect your institution.


Each strategic initiative in an institution’s plan should


also directly support one or more controls as identified in the ACAT. At the very least, all new technology implementations and improvements should seek to improve the overall baseline maturity controls of the institution and help it to meet evolving level security controls as defined in the ACAT. Simply put, improving the maturity of the controls in place within your institution improves the overall security posture of the organization.


Make cybersecurity part of your existing strategies


There are other benefits to embracing cybersecurity, its associated threats, management, and the systems your institution has created to deal with it. Leaders and their board of directors are already well-versed and skilled at calculating, managing, and ultimately addressing risk in their day-to-day jobs. But what would happen if you were to tie cybersecurity threats to your existing strategic planning processes? For starters, your institution would begin to automatically spend more focused, concentrated time making leadership aware of significant and ever changing cybersecurity threats. The very nature of these steps would add highly valuable continuing education to help them understand the threats that exist in today’s modern cyberspace. If these leaders are exposed to focused, clear, and valuable information, presented in a clear and concise manner that neither embellishes nor downplays the true nature of the risks they face, it is very likely that these leaders will commit to the additional IT spending dollars needed to secure an institution’s techno logy. This process, and the required spending it will drive, will naturally reduce cyber risks.


Cybersecurity threats aren’t going away


So, are cyber threats a good thing? By nature, no. But as the world stands today, these threats are most certainly a part of our daily reality. By having knowledge of these threats, their nature, and their perpetrators, you can develop a deep bench of data, facts, and information that you can lean on to educate, remediate, and better protect your organization. Ignoring this information is not an option, and neither is pretending it doesn’t exist. Instead, institutions should take this information and make it actionable and meaningful to those in positions of leadership, which is a sure-fire way to draw the necessary attention to these serious concerns.


Audit


Have you scheduled your audits yet for 2021? Compliance Services


· ACH Audit · BSA Audit · Lending Compliance · Deposit Compliance · Directors’ Examinations · Interest Rate Risk Review · HMDA Review


Loans Services · Loan Review


IT Services


· External Penetration Tests/External Vulnerability Assessment


· Internal Penetration Tests/Network Assessment


· IT Security Audit ·


Social Engineering · Business Continuity Management Review


Contact Linda Fick (lfick@mibanc.com) at 888-818-7206 or


your relationship manager at MIB. MIB Community BANKING 11


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