by Mary Wright
Cyber security and cybercrime. Financial institutions are increasingly challenged to keep pace globally with changing and covert cybersecurity threats. The probability and likely impact of newer more sophisticated cyber attacks and the surge toward more numerous and more extensive electronic products and services has moved security front-and-center for most organizations.
Financial institutions of all types continue to experience acute awareness about cyber security risk. According to management consulting firm Booz Allen Hamilton and its third annual list, “Top Financial Services Cyber Security Trends for 2014,” financial services executives have learned that cyber assaults have the potential to destroy data, damage a brand’s reputation, and may appear wherever the institution does business, not just at the headquarters. The interconnectivity of financial institutions globally is subject to a cascade of systemic risks from cybercrime.
Similarly, Computer Sciences Corporation (CSC), a global provider of next-generation information technology (IT) services and solutions, presents its point of view in “Cybersecurity in Financial Services.” The publication is a 2015 white paper on the top security challenges financial services institutions face, ranging from geographically diverse compliance requirements and cross-border regulatory challenges to expanded vulnerabilities due to increasing supply chain and partner integration. It highlights the challenges of balancing information security with demanding regulatory compliance obligations; the importance of an organizational-wide integrated approach to adequately protect data on risk-based decisions; the need for zero-tolerance business continuity and disaster recovery objectives; the effect of internal and external partnerships and their contribution to cyber threat risk; and the dynamic problem caused by a threat agent that is unknown, covert, and armed with skills and means to look for the weakest link to exploit.
Every October since 2004, National Cyber Security Awareness Month (NCSAM)—administered by the Department of Homeland Security (DHS)—has recognized the importance of protecting individual identities, finances, privacy, national security, critical infrastructure, and economy from the threat of cybercrime. Recognizing the importance of cybersecurity to our nation and citing that, “Cyber threats pose one of the gravest national security dangers the United States faces,” President Barack Obama designated this October as National Cyber Security Awareness Month.
The event is designed to engage and educate public and private sector partners with the goal of raising awareness about cybersecurity and increasing the resiliency of the nation in the event of a cyber incident, and it is sponsored by the National Cyber Security Division (NCSD) within the Department of Homeland Security and the National Cyber Security Alliance (NCSA), a non-profit organization.
Each of the five weeks in October bears a NCSAM theme, and the weekly themes focus on a specific aspect of cybersecurity and the reality of our constantly connected lives.
Week 1: General Cybersecurity Awareness: 5 Years of Stop.Think.Connect.™
October 1-2: 2015 marks the fifth anniversary of the Stop.Think.Connect. Campaign. The theme for week one focuses on cybersecurity as a shared responsibility, and provides simple online tips to empower all Americans to be safer online.
Week 2: Creating a Culture of Cybersecurity at Work
October 5-9: The theme for the second week highlights the common threats to businesses and employees, and provides resources to stay safer online in the workplace and enhance existing security plans.
Week 3: Connected Communities: Staying Protected While Always Connected
October 12-16: In week three, activities will emphasize the importance of protecting ourselves when connecting to the Internet while on the go, including best practices for using mobile devices and social media.
Week 4: Your Evolving Digital Life
October 19-23: The “smart world” we live in is the focus of week four, including the importance of educating all citizens on cybersecurity as more and more of the devices we use – from phones and tablets to homes and medical devices – become connected to the Internet. Information about the technology current state and future state will highlight week four.
Week 5: Building the Next Generation of Cyber Professionals
October 26-30: Week five considers to the future of the cybersecurity workforce, focusing on cybersecurity education and awareness in schools at all levels, and emphasizing the need for properly trained cybersecurity professionals.
The DHS offers opportunities to get involved in National Cyber Security Awareness Month 2015 on its website (http://www.dhs.gov/national-cyber-security-awareness-month), including:
Look for more information about each week, including the keystone event locations across the country throughout the month of October.
Use the National Cyber Security Awareness Month 2015 hashtag #CyberAware in your social media messages before and during the month.
Get information on how your government, law enforcement, business, school, or organization can take action during National Cyber Security Awareness Month.
Teach elementary, middle, and high school students about Internet safety and security.
Post cybersecurity tips, news, and resources highlighting National Cyber Security Awareness Month on social media sites.
The DHS also offers steps we can all follow to keep ourselves, our businesses, and our information safe online, including financial information and accounts. Here are a few tips all Internet users can leverage to practice cybersecurity during National Cyber Security Awareness Month and throughout the year:
Set strong passwords and don’t share them with anyone.
Keep your operating system, browser, and other critical software optimized by installing updates.
Maintain an open dialogue with your family, friends, and community about Internet safety.
Limit the amount of personal information you post online and use privacy settings to avoid sharing information widely.
Be cautious about what you receive or read
online—if it sounds too good to be true, it probably is.
Cyber Security Month affords financial institutions the opportunity to re-focus on the need for robust information security programs. The best IS programs are collaborative across the enterprise and include executive and employee education, assessment and testing activities, and a comprehensive correction and enhancement process.
Mary Thorson Wright is the Senior Editor of Mortgage Compliance Magazine. She can be reached at mthorson@mortgagecompliancemagazine.com.
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