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LEARN: 5 TECHNOLOGIES TO PREVENT CYBER THREATS

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STAY INFORMED. STAY SAFE.

A COOPERATIVE RESOURCE TO KEEP COMMUNITY BANKS AND FINANCIAL INSTITUTIONS AT THE
FOREFRONT OF CYBERSECURITY

 
LEARN MORE
WATCH
LATEST NEWS
 


WHAT IS KMBS?

KeepMyBankSecure.com is a cooperatively produced and underwritten resource for
North American independent banks and financial institutions to learn and stay
informed of the latest in cybersecurity planning and strategy. Our initiative
was founded in 2021 by CalTech with the cooperation and assistance of Texas
state banking authorities, state banking associations, and community bank
leaders.

With the increasing number of recent threats against and attacks on U.S.
institutions by malicious actors, we believe it is important for regulated
industries such as banking to make cybersecurity a top priority. Now more than
ever, cybersecurity should not just be a part of annual planning, but a part of
the overall financial institution business model.

 


ENGAGE

We aim to further raise awareness and discussions around cybersecurity as a
means to decrease the vulnerabilities of financial institutions. As threats
increase, so too must our awareness.


INFORM

Knowledge is power. The more banks and their people know about cyber threats and
how threat actors go about exploiting our institutions, the better equipped we
can all be at preventing attacks.


INSTILL

Bank and financial institution cybersecurity is no longer a line item, but a
mindset. We seek to help banks protect against threats by encouraging leaders to
make it a part of their business models.

MORE
 


THE LATEST

 

RANSOMWARE ATTACKS POSE SERIOUS THREAT

Monday, December 5, 2022

As the cybersecurity landscape continues to worsen across the globe, of
particular concern is the alarming rise in ransomware breaches, especially
within the financial services sector. According to the Financial Crimes
Enforcement Network, cyberattacks, and ransomware specifically, are the most
significant threats to U.S. financial institutions. 

With more pervasive and sophisticated methods, ransomware attacks continue to
create a new level of threat for the industry. Last year, 55 percent of
financial organizations fell victim, up from 34 percent the previous year – a 62
percent increase.* 

Research by Trend Micro Inc. found that the banking industry has been
disproportionately affected by ransomware, experiencing a 1,318 percent
year-on-year increase in attacks in the first half of 2021. 

What Exactly Is Ransomware? 

Ransomware is a type of malicious software (malware) designed to block access to
a computer system or data. It often encrypts the data and locks the system’s
screen or user’s files, then spreads to shared storage drives and other
accessible systems.  

Cyber attackers hold the system or data “hostage” until a ransom is paid.
Usually, the ransom is a substantial amount of money or cryptocurrency.  

If the demands are not met, the system or encrypted data remains unavailable, or
data may be deleted. An emerging tactic is for the cybercriminals to steal
sensitive data and threaten to publicly disclose it or sell it if the ransom
isn’t paid, creating a double extortion scheme. 

Mitigating the Risks 

Early detection of a cyberattack is always important, but it is even more
crucial with ransomware. Recognizing and eliminating the attack before the data
is encrypted is vital, because once you see the ransom demand message, the
damage has already been done.  

Whatever the size of your business, it’s critical to invest in anti-malware
solutions that monitor your network for any malicious activity. These techniques
include signature-based detection, behavior-based detection, and detection
through abnormal traffic.   

Also, educate employees on how to detect ransomware and the action to take if
they notice a suspicious email or link. Most ransomware attackers leverage human
error to compromise systems. 

While early detection is crucial, organizations must also implement effective
ransomware recovery measures in case of an attack. So, it’s important to have a
comprehensive data backup strategy. Data backups can restore the data to normal,
as well as remove the infection, which eliminates the question of having to pay
the ransom. 

Should You Pay? 

FBI and Department of Homeland Security recommend that companies avoid paying
ransoms, because doing so encourages more attacks. 

The decision of whether to pay the ransom should be made carefully at the
organization’s highest level. And understanding what happens if you pay is key
to making that decision. 

Theoretically, if you pay the ransom, the attackers will provide a decryption
tool and withdraw the threat to publish stolen data. But payment is no guarantee
that all data will be restored. Gartner, Inc. notes the following realities of
ransomware that must be considered: 

 * On average only 65 percent of the data is recovered, and only 8 percent of
   organizations recover all their data.** 

 * Encrypted files are often unrecoverable. Attacker-provided decrypters may
   crash or fail. You may need to build a new decryption tool by extracting keys
   from the tool the attacker provides. 

 * Recovering data can take several weeks, particularly if a large amount of it
   has been encrypted. 

 * There is no guarantee that the hackers will delete the stolen data. They
   could sell or disclose the information later if it has value. 

Before negotiating with attackers, it’s important to engage a professional
incident response team and consult law enforcement and regulatory bodies. 

However, the best alternative to the pay-or-don’t-pay dilemma is to have a
business continuity plan in place and to proactively defend your financial
institution against ransomware attacks. 

 

*source: The State of Ransomware in Financial Services 2022, Sophos report 

**source: The State of Ransomware 2021, Sophos report 


ANATOMY OF A CYBER ATTACK

Can this really happen? Yes. It already does. Find out how.

 


EXPERT ADVICE

Recorded in late-2021, we invited Executive Chairman, Trey Maust, of Lewis &
Clark Bank of Portland, Oregon and Phillip Hinkle, Director of IT Security
Examinations for the Texas Department of Banking, to sit down and talk about a
range of topics related to cybersecurity. Specifically, the two focused on
issues impacting community banks and financial institutions. Learn more about
these topics below, as we progressively release the videos through 2022.

CYBERSECURITY
STRATEGY

What are some of the best practices in planning your financial institution’s
strategy for cybersecurity?

RANSOMWARE SELF-ASSESSMENT

There’s a tool available for any bank or financial institution to assess their
preparedness for a cyber attack — the Ransomware Self-assessment Tool.

CYBERSECURITY MANAGEMENT

Do you handle cybersecurity on your own, or bring in outside experts? Let’s talk
Cybersecurity Management.

 

CIS CONTROLS
& FFIEC CAT

This segment covers CIS Controls and the FFIEC CAT — two important standards in
staying atop your institution’s cybersecurity practices and planning.

 

 


VENDOR MANAGEMENT IN IT

Banks face challenges working with a vendor or internal party that does not have
a focus on banking. Spend time understanding the topics unique to the banking
industry’s needs.

 



3RD PARTY FIRMS RISK MANAGEMENT ASSESSMENT

Partnering with a critical vendor is a big step for companies looking to
outsource a particular practice or expertise. Before signing on, conduct your
risk management or risk assessment analysis to ensure the vendor is the
appropriate one for you.

MOCK FFIEC EXAMS


Mock FFIEC Exams too often focus on compliance rather than on securing your
bank. This is a mistake. Phillip Hinkle shares his take on the subject with Trey
Maust.

 

 


GRAMM-LEACH-BLILEY ACT PINPOINTING RISK AREAS

Universal standards that cover a multitude of industries do not always include
bank-specific elements, such as the Gramm-Leach-Bliley Act. When looking at your
bank’s unique security elements, you must ensure that a focus on regulation is
not forgotten.

MANAGEMENT AND BOARD EDUCATION ON CYBERSECURITY

Board management and education on cybersecurity is a road one shouldn’t take
alone. Lean on trade associations, experts, and make a commitment to knowing
this is a skill set you need to develop to stay ahead of new threats.


 


PSA BOARD CYBERSECURITY

It’s vital that you and your board stay plugged in with outside resources, trade
associations, peers, and information-sharing networks to build an understanding
of the fundamentals of cybersecurity.

 


EXPERT ADVICE



Ryan Melle, SVP, Chief Information Security Officer at Berkshire Bank, joins Rob
Houser, Strategic IT Consultant at CalTech, to discuss how cloud-based services
and technology provide benefits but also create challenges in the risk landscape
for banks.


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There don't have to be trade-offs when it comes to cybersecurity. Have the
solution that fits your organization and learn how to use technology to your
benefit.


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As cyber-attacks advance and become more prevalent, do you have the proper
security to defend against scammers?

With the recent shift to remote workforces, companies have to evaluate their
security beyond the walls of their building. Employees working from various
locations pose a new challenge to organizations when it comes to managing cyber
risk.


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Keeping your bank secure can be costly, but an attack creates far more risk.
Find out ways to manage your security and maintain costs. 

--------------------------------------------------------------------------------




CYBERSECURITY Q&A

A PRIMER FOR BANKS AND FINANCIAL INSTITUTIONS

 

HOW DO WE PREVENT CYBER ATTACKS?

There are many tactics that are available to prevent and thwart cyber attacks,
but a multi-layered (i.e. multi-factor authentication) approach alongside
end-user education is probably the simplest and most critical.

IS MY BANK VULNERABLE?

There is always a chance that your bank infrastructure is vulnerable. However,
the best way to know for sure is to find and engage a qualified IT services
provider to perform an audit and assessment of your infrastructure and protocols
for cybersecurity. Only then will you know your degree of vulnerability and the
best steps your financial institution can take to lessen your risk.

 

WHERE DO THESE ATTACKS COME FROM?

The short answer is, from all over the world. However, as has been recently
reported by the U.S. government and intelligence community, we’re seeing an
increasing number come from Russia, Eastern Europe, and China.

 

HOW FAST DO THESE ATTACKS OCCUR?

Cyber-attacks can start with the single click of a button but can take weeks to
fully infect a network and steal data before locking you out of access data.

 

WHAT ABOUT MY REMOTE EMPLOYEES?

Remote access can always be a weak point for security. However, you don’t have
to limit your remote employees and their productivity to be able to protect
them. Education, software, hardware, and protocols can all be enacted to ensure
better cybersecurity, even for remote employees.

 

DO RANSOMS ALWAYS HAVE TO BE PAID?

Depending on the scale, source, and sophistication of the attack and your backup
and recovery systems in place at the time of the attack, not necessarily. With
the right systems in place, even partially successful attacks and data lockouts
can be circumvented.

 

HOW DO HACKERS GET INTO A SERVER?

Hackers typically gain access via less obvious means first, like a mobile device
or a workstation. Email is an easy and popular place for them to gain access
since much information is shared between and amongst employees via email. From
there, hackers will typically dig around until they find the servers and the
credentials necessary to access them. This is why it is good practice to use
separate administrative accounts from your email account(s).

 

HOW DO WE KNOW A HACKER IS SERIOUS?

You will know a hacker is serious by the amount of evidence of the infiltration
of your IT infrastructure. For example, if the hacker has encrypted your data
and locked you out, then you can assume they are serious. Another sign of the
seriousness of an attack is the hacker’s choice of communication. A serious
hacker will usually insist on a sophisticated and non-traceable means of
communication.

 

HOW DO WE TRAIN EMPLOYEES FOR THIS?

Monthly end-user training combined with quarterly testing by a qualified IT
security provider is a great place to start in order to introduce and educate
employees to cybersecurity best practices and protocols.

 

CAN WE CATCH THESE CRIMINALS?

Unfortunately, most of these criminals are outside of the United States. Without
government and international authority intervention, options to bring them to
justice are limited. The best defense is to have a proactive plan and approach
to cybersecurity.

 

WHAT OTHER KINDS OF ATTACKS ARE THERE?

Other than phishing schemes, there are attacks known as brute-force attacks
where the hacker simply uses trial and error to guess credentials. There are
attacks that shut down websites, such as denial of service attacks, where a web
server is flooded with false data requests. There is also a credential stuffing
attack, where a hacker gains access to one’s password and login credentials and
then proceeds to try the credentials across multiple sites and networks. This
approach counts on users using the same login credentials for different networks
and services. These are just a few, but there are many others.

 

HOW DO I KNOW IF I’M A TARGET?

Anyone and everyone can be a target. If you receive spam mail, you have most
likely been targeted. If you have received an email that attempts to get you to
click on a link by evoking an emergency or urgent situation, you have definitely
been a target. Hackers count on volume and the weakest link to gain access to
organizational data. This is usually through employees and staff.

 

WHAT KINDS OF PASSWORDS NEED TO BE SET?

Passphrases should be used instead of passwords. This allows a longer character
count while still making it easier for the end-user to remember. And, never use
easily guessed content in your passwords or passphrases (e.g. “password”, your
name, sequential numerals, etc.)

 

HOW OFTEN DO WE CHANGE PASSWORDS?

You should change passwords at least every 90 days unless you have complex
passphrases in place. However, even then, it’s wise to periodically change them.

 
DOWNLOAD PDF


ADDITIONAL RESOURCES

 


TEXAS
DEPARTMENT
OF BANKING


 

Center for Internet Security

 

National Institute of Standards and Technology


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KeepMyBankSecure.com is a cooperative initiative founded by CalTech with the
cooperation and assistance of Texas state banking authorities, state banking
associations, and community bank leaders. It is provided as a public service to
U.S. independent banks and financial institutions of all sizes.



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