Even if your community bank has placed an emphasis on cybersecurity and invested in resources and practices to mitigate exposure, it isn’t possible to stop 100% of all cyber attacks. Knowing this, you should develop a worst-case plan to address and reduce the damage of attacks that may thwart all your cybersecurity efforts.
It cannot be emphasized enough to be prepared and have a detailed action plan in place for such an event. This process is difficult but necessary. Improper planning can be a fatal blow to your community bank. It is highly recommended that you don’t go at it alone and work with a reputable cybersecurity firm like The Whitlock Co. to develop your cybersecurity continuity plan.
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Make a Plan for Your Cybersecurity Continuity
Think of your cybersecurity plan as developing a playbook. You need to define the specific action steps that will be triggered by an event and will involve many key stakeholders and decision-makers throughout your organization.
1. Determine cyber crisis communications.
You should be prepared to respond quickly and effectively with both internal and external communications. These communications should cover announcing the cybersecurity event and the specific efforts being made to contain and eradicate the threat. Being secretive about an event can only worsen its effects.
2. Define your most critical business processes.
What needs to be addressed most urgently during an event? Is it possible to use backup processing methods to continue business or are manual processes available? What are the specific timelines for data recovery necessary to avoid major business disruptions? Are there any threats related to client data exposure?
3. Prepare to address ransomware attacks.
Ransomware damages are expected to exceed $30 billion worldwide in 2023, according to InfoSecurity reports. How much would your organization be willing to pay to contain the attack and limit exposure and losses?
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4. Have a partner help you.
Much more can go into your playbook depending on your community bank’s size, business services, clientele, and other factors. Cyber attacks aren’t going away, in fact, they are increasing. It is better to take the time and effort to be prepared and not need it than to be ill-prepared and suffer the consequences.
To learn more about cybersecurity threats to your community bank and how we can help, call The Whitlock Co. today at (417) 881-0145.