Cyber security risk is a huge issue that faces anyone connected to the Internet. Financial institutions are especially attractive to cyber criminals. Banks are the nexus between customer deposits, personal details and the outside world through the internet. And increasingly experts believe community banks are expected to be a target-rich environment for criminals, hackers and pirates. They are the gateway to target-rich customer funds and they don’t have big budgets to prevent and detect breaches.
Managing the risk that bad guys can hack the bank’s system and access their customers’ data and potentially customers’ funds is of top concern to bank executives. Prevention, detection and correction is of increasingly heightened concern for bank executives.
BankBosun is bringing together experts in cyber security and captive insurance to: 1) establish a community bank-owned captive insurance company to manage the risk of cyber security breaches, wire fraud transfers, and ransomware scams; 2) establish best practices and solutions that can be shared among all owners of the captive; 3) share costs related to technology, consulting, ransom resolution, and prosecution; 4) share information related to cyber hackers, criminals and pirates; and 5) offering education and training in cyber security risk management.
Bank C-Suite officers are asked to contact Kelly Coughlin to discuss participation in the project.