In recent years, banks have increased their focus on preparing for a cyber incident, recognizing that even for a well-defended network it's not a matter of if, but rather when an incident is going to occur.
Banks are doing a better job of updating their incident response, business continuity and disaster recovery plans at least every one or two years, and they are conducting periodic tabletop exercises to ensure the right people respond when an incident does occur.
How can banks best prepare for a potential cyber incident? There are many best practices, but for starters, all banks should rotate their cybersecurity assessment and testing providers.
If the same team is used for penetration testing year after year, they will likely find the same kinds of vulnerabilities year after year. Sometimes a new set of eyes can be beneficial. If a rotating group of trusted cybersecurity assessment and testing providers consistently reports that a bank's networks and systems are clean, the bank can feel more confident that nothing important has been overlooked.
Additionally, being proactive is key. Educating employees and putting proper risk management systems in place should be a high priority. Staying up to date on cyber insurance coverage is an important part of being prepared, and through Big “I" Markets, you have access to Travelers SelectOne® for community banks.
Banks should work with an independent insurance agent to identify coverage to manage potential cyber exposures and ensure that employees are exhibiting behaviors that limit cyber risks. They can also utilize cyber resources from carriers like Travelers to understand and navigate the growing threat of cyber risks.
Travelers SelectOne®, underwritten by Travelers Casualty and Surety Company of America, is endorsed by the Independent Community Bankers of America (ICBA). To find your local community bank, type in your zip code on ICBA's community bank locator and the app will show you all the community banks in your area.
Learn more about Travelers SelectOne® for community banks by logging in to Big "I" Markets. A specimen policy is located under the Product Resources tab.