Pub. 3 2015 Issue 3

means. Requests for transfers appearing from legitimate customers to outside accounts can also be possible depending on how much personal information is obtained by an attacker. How can you protect your- self ? Financial institutions can actively work toward reducing the success rate of attacks from compromised customer information by constantly adjusting and incorporating layered security. Here are five (5) quick layered security tips that financial institu- tions should consider employing to help mitigate the risk of customer compromise: 1. Educate customers on good security practices(FREE Ten Essential Cyber- security Best Practices Guide here: https://www.protectmybank.com/ wp-content/uploads/2015/10/Best- Practices2.pdf) 2. Employ and enforce policies and procedures around sending wires and external account transfers 3. Continued education of employees to spot suspicious customer activity 4. Highlight identity theft services to customers if the service is not already offered 5. Subscribe critical employees to a threat sharing network such as US- Cert and FS-ISAC to raise awareness of cyber-attacks affecting customers in the wild. Additionally, on November 3, 2015, the FFIEC released a Joint Statement on Cyber Attacks involving Extortion. This new Joint Statement warns financial institutions of such attacks causing harm to customers and encourages financial in- stitutions to ensure their risk assessments, Business Continuity Plans, and Incident Response Plans address extortion attacks against customers. Financial institutions are also encouraged to immediately inform law enforcement officials and regulators. Finally, the FFIEC has also released a Cybersecurity Assessment tool to help financial institutions understand super- visory expectations, increase awareness of cybersecurity risks, and mitigate those risks facing the institution. If you are looking for more information on the FFIEC’s Cyber Assessment tool, SBS has put together automated software to help smoothly incorporate the FFIEC Cyberse- curity Assessment Tool into an easy-to-use program. To automate your Cybersecurity Assessment, check out SBS’ FREE Cy- ber-RISKtm tool here: https://cyber-risk. protectmybank.com Conclusions With layered security controls in place, financial institutions can help counter and respond to the misuse of customer information from outside sources. If you are looking for some additional details on cybercrime and what you can do to protect yourself, the SBS Institute will be releasing a specialized certification program on inci- dent response. Check out the SBS Institute certification programs here: https://www. protectmybank.com/sbsinstitute/ n For additional information security updates or assistance with anything information security related, please visit us at www.protectmybank.com and let us know how we can help! www.uba.org 10 Reach your target audience a ordably. advertise get results DANI GORDEN Advertising Sales 855.747.4003 dani@thenewslinkgroup.com n Cyber Crime — continued from page 9