October is Cybersecurity Awareness Month and banks and financial services organizations are stepping up to not only protect their networks, but also to protect their customers as well. In this week’s cybersecurity roundup we take a look at how these efforts are manifesting and ways in which banks and other financial services organizations can protect themselves from future attacks.
American Bank Association Steps Up Consumer Awareness Efforts
There are few things more disconcerting than getting a security notification from a bank, building society, or other financial services organization. There’s the panic of what’s happened, followed by the panic of wondering if this is a real notification or a part of an elaborate attack on your bank account. This month in support of Cybersecurity Awareness Month the American Bankers Association has launched the ‘Banks Never Ask That’ campaign to help educate consumers and eliminate a major source of risk.
Check out the campaign here.
Cost of a Ransomware Attack for Financial Services Organizations is Rising
The cost of a ransomware attack for financial services organization is on the rise. In a recent survey of the impact of ransomware on mid-size financial services organizations by Sophos, a cybersecurity company, it was revealed that the cost of a ransomware attack has risen from $1.85 million to $2 million in 2021. With more than one third of mid-size financial services organizations experiencing an attack this year already, ransomware continues to be a major cost for banks, building societies, and credit unions.
Want to learn more? You can do that here.
As Attacks and Costs Rise, Does Cyber Insurance Provide Protection?
It may feel like there’s nothing that banks and financial services organizations can do to mitigate the increasing number of cyberattacks and the rising costs of remediation. But help may be at hand through cyber insurance.
According to Stanton Gatewood, a former Chief Information Security Officer, one of the key challenges of convincing an organization to invest in cyber insurance is that it exists “to protect something you cannot touch and [to insure you] from people [you] cannot see.”
So why does it make sense to invest? And what are some collateral benefits of investing in cyber insurance? Find out here.