3 Cybersecurity Challenges Community Banks Should Know

The last two years have been tough on cybersecurity, to say the least. From data breaches opening the eyes of many to hackers coming up with new methods of attacks, no industry is safe from cyberattacks. However, there is good news; community banks still have a chance to prepare for battle, but first, bankers must know what the industry is up against. This blog post will discuss three cybersecurity challenges the industry is up against in 2022 and how to combat them.

Top Three Cybersecurity Challenges

1. Ransomware Challenges: Ransomware will remain cybersecurity’s biggest challenge this year as bad actors develop tactics that will become harder to defeat. IBM recently shared that in 2020, ransomware attacks were more expensive than the average data breach, costing $4.44 million on average. Attacks, including extortion, social engineering, and more, are set to increase, meaning sensitive data will be their bait. Companies will have a significant responsibility to prepare their employees and their IT teams for battle.

2. Insider Threats: This emerging challenge may be more dangerous than the thought of data breaches themselves. Insider threats involve some sort of human error that occurs internally. Severe implications are involved in whether an employee accidentally leaks passwords credentials or ignores security protocols. Threat actors are not always external, and data theft can come from inside a company’s employee pool. It is essential to ask the tough questions regarding whether your organization has proper onboarding processes, security tools, and professionals to protect itself from insider threats. By implementing a third-party security services platform, your bank can shift the burden from your IT team onto a platform designed to safeguard your information.

3. Increased Need for Real-time Data Visibility: Many executives are responsible for managing cybersecurity risks for their organization, and without an expert level, comprehensive picture of their company’s IT landscape, their efforts will weaken. Introducing third-party security platforms into your organization’s IT roadmap will grant your IT team and leadership real-time visibility into your network. By doing so, managing data protection, threats, malfunctions, and IT operations failures happen without any internal heavy lifting. After all, the only way to prevent data loss is to completely understand what is happening inside your network on a minute-by-minute basis.

Prioritizing Security for 2022 and Beyond

The challenges above only represent a small portion of what the industry is working to combat this year, and as online banking and remote work increase, so will your risk. The best place to start is by educating your employees and customers on the importance of navigating cybersecurity, so they will not fall victim to cybercriminals. Should you choose not to act quickly, your IT landscape remains vulnerable and up for grabs to cybercriminals. Consistency and dedication are essential for implementing proper techniques, platforms, and protocols to fight against hackers. The more you know, the better off your bank will be in gearing up for the cyberwar ahead.

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