We're definitely more concerned about cybersecurity each year (especially now) and we are trying to stay ahead on investments to bolster our defenses. I remain mostly concerned with human failures at the bank leading to cyber risk and I'm growing more concerned about the defenses of our technology partners. I feel like the cybercriminals are the squirrels in my backyard attacking the birdfeeders. They are relentless and they usually find a way to get the prize.
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John Tyson
CFO;Chief Financial Officer
Altamaha Bank & Trust Company
Vidalia, GA
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Original Message:
Sent: 04-04-2022 14:28
From: Rob Blackwell
Subject: Tuesday Topic: An Introduction to Rob and Thoughts on Cybersecurity
Before we jump into today's Tuesday Topic, I wanted to write a quick note to introduce myself. Today is my first official day as moderator of Peer Intelligence, taking over for the legendary Barb Rehm. As difficult as following Barb is, I'll admit I've made it a bit of a habit of it professionally. When I joined American Banker as a reporter in 2000, Barb was Washington Bureau Chief. Five years later, I took over that role, and a little over a decade after that, I succeeded her as Editor-in-Chief of the paper. It's an impossible task to follow Barb. You will not find a better journalist anywhere, whether she's at a media organization or not. You also won't find a more loyal mentor and friend, and I'm grateful for all the guidance and insight she has given me-and continues to give.
While I can't replace her, I will do my best to carry the torch and live up to the high standards that Barb set. Since Barb first invited me to do a webinar for Peer Intelligence when I was at the American Banker, I've been excited by the possibilities of this network. And when I joined IntraFi Network more than two years ago as its Chief Content Officer and Head of External Affairs, I could see first-hand how great a community it is. I also want to explore new ideas to ensure it continues to meet your needs. With that in mind, if you have ideas or suggestions on what we can do to help you or should try, please don't hesitate to let me know. You can message me using the function on Peer Intelligence or just email me at rblackwell@intrafi.com.
But back to Tuesday Topic. It's no secret that cybersecurity is a growing concern. Half the bankers who responded to a recent survey said cyberrisks have increased significantly in the past year, while 93% said cyberrisks have increased overall. Bank leaders have always worried about cyberattacks, and for good reason: Banks are the lifeblood of the economy, and the financial system is highly interconnected. When one institution gets hit, many can feel the pain. Also, banks were already 300 times more likely than other firms to suffer a cyberattack before the pandemic, according to the New York Fed; today, those odds are greater than ever given the boom in digital payments, the decentralized nature of crypto, and the ongoing conflict between Russia and Ukraine, among other factors.
Given the sharp increase in cyberrisks, I'm curious to know if your bank has bolstered its cybersecurity efforts recently. Has it conducted or is it planning to conduct a cybersecurity assessment? Has it ramped up cybersecurity training? Which cyberthreats worry you the most?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi Network
Arlington, VA
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