I’m always looking for good information on the state of security, especially the kind that benefits our financial institutions. I recently found some on a website called The Conversation, an independent source of news and viewpoints from the academic and research communities. An article called The Three B’s of Cybersecurity, written by Scott Shackelford, has advice on staying secure. Scott is an associate professor at Indiana University, where he teaches cybersecurity law and policy and is a published author on these topics.
Even though the article focuses on small businesses, it is useful for our banks and credit unions and their account holders. Scott gives the general reader understandable information about IT security and cybercrime risks.
Scott points out that while large-scale cyberattacks get the headlines, “what often gets lost in the noise is how often small and medium-sized organizations find themselves under attack.” He also stresses that many small companies are “just one fraudulent wire transfer away from going out of business.” In the last year, this cybersecurity expert says, “half of American small businesses have been breached by hackers.”
While there is lots of advice available on how to fight cybercrime, Scott’s guidance is “to know the three ‘B’s’ of cybersecurity: Be aware, be organized and be proactive.” In taking a proactive approach to combatting cybercrime, Scott draws attention to the usefulness of National Institute for Standards and Technology Cybersecurity (NIST) guidelines. Q2 is adopting the NIST framework to help combat cybercrime, too, as part of our three-pronged approach to security with People, Process, and Technology, and our clients can learn more about that framework in this article.
I recommend you consider Scott’s advice. Read the article and learn more about being aware, being organized, and being proactive when it comes to your institution’s and account holders’ cybersecurity.