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AML/CFT

Cybersecurity Awareness Month: Safeguarding banks and credit unions

Edward Callis, CPA, CISSP, CCSP
October 19, 2023
Read Time: 0 min

Ideas for educating and promoting cybersecurity in October

Cybersecurity Awareness Month is an opportunity for banks and credit unions to promote online safety and take steps to reduce cyber risks. 

You might also like this whitepaper: "Protecting banking customers starts with you."

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Takeaway 1

Cybersecurity Awareness Month, in its 20th year, highlights the shared responsibility of everyone to safeguard their digital data and assets.

Takeaway 2

The sensitive data and transactions financial institutions handle and constant threats of cyber attacks make cybersecurity measures and education critical.

Takeaway 3

Training employees and customers or members and promoting cybersecurity are ways institutions can foster a strong cybersecurity culture.

First held in 2004

The history of Cybersecurity Awareness Month

October is a special month for cybersecurity enthusiasts. It’s the time of the year when we celebrate Cybersecurity Awareness Month, a global initiative to raise awareness and educate people about the importance of staying safe and secure online.

But how did Cybersecurity Awareness Month start? And what does it mean for banks and credit unions? In this article, we’ll explore the history of Cybersecurity Awareness Month, how it impacts the financial services sector, and what financial institutions can do to promote cybersecurity awareness among their employees and customers.

Launched to provide resources

Cybersecurity Awareness Month was launched in 2004 by the National Cybersecurity Alliance (NCA) and the U.S. Department of Homeland Security (DHS) as a collaborative effort between government and industry to ensure every American has the resources they need to protect themselves from cyber threats. The idea was to create a national campaign to educate people about cybersecurity basics, such as using strong passwords, updating software, and avoiding phishing emails. The campaign also aimed to highlight the shared responsibility of everyone to safeguard their digital data and assets.

Over the years, Cybersecurity Awareness Month has grown into a global movement that reaches millions of people across the world. The campaign has also evolved to reflect the changing nature of cyber threats and the emerging technologies that enable them. For example, in recent years, the campaign has focused on topics such as multi-factor authentication, data backup, and protection against ransomware.

Cybersecurity Awareness Month is now in its 20th year and has a new enduring theme: Secure Our World. This theme reflects the vision of creating a safer, more trusted digital world for everyone by encouraging people to take action each day to protect themselves when online or using connected devices.

Stay up to date with cybersecurity threats.

Cybersecurity Awareness Month is now in its 20th year and has a new enduring theme: Secure Our World. This theme reflects the vision of creating a safer, more trusted digital world for everyone by encouraging people to take action each day to protect themselves when online or using connected devices.

Data and transactions

Financial services: Critical sector for cybersecurity

The financial services industry is one of the most critical sectors in terms of cybersecurity. Banks and credit unions handle sensitive financial data and transactions that affect millions of customers and businesses. They also face constant cyber attacks from hackers who seek to disrupt services or steal money or data.

According to a report by IBM Security, the average cost of a data breach in the financial sector was $5.85 million in 2020, the highest among all industries. The report also found that it took an average of 233 days for financial organizations to identify and contain a breach.

These statistics show how important it is for banks and credit unions to have robust cybersecurity measures in place to protect their assets and reputations.

But cybersecurity is not only a technical issue. It also requires a human element. That’s why Cybersecurity Awareness Month is a valuable opportunity for financial institutions to educate their employees and customers or members about how they can contribute to enhancing cybersecurity.

The average cost of a data breach in the financial sector was $5.85 million in 2020.

Training and resources

Use Cybersecurity Awareness Month to educate

For example, financial institutions can use Cybersecurity Awareness Month to:

  • Train their employees on how to recognize and report phishing emails, which are one of the most common ways hackers try to trick people into revealing their credentials or installing malware.
  • Remind their customers/members to use strong passwords and enable multi-factor authentication for their online accounts, which can prevent unauthorized access even if their passwords are compromised.
  • Encourage their customers/members to update their software regularly, which can close known vulnerabilities that hackers can exploit.
  • Share tips and resources on how to back up their data, which can help them recover from ransomware attacks or accidental deletion.

By doing these things, banks and credit unions can not only reduce their own cyber risks but also improve their customer and member trust.

 

Ideas for participating

Promoting Cybersecurity Awareness Month

There are many ways banks and credit unions can participate in Cybersecurity Awareness Month and spread the message of cybersecurity awareness among their employees and customers/members. Here are some ideas:

  • Use social media platforms such as Twitter, Facebook, or LinkedIn to share cybersecurity tips, stories, or resources using the hashtag #BeCyberSmart or #SecureOurWorld.
  • Create a dedicated webpage or blog post that highlights the importance of cybersecurity awareness and provides links to useful resources such as those from the Cybersecurity & Infrastructure Security Agency (CISA) or the National Cybersecurity Alliance (NCA).
  • Host webinars or workshops for your employees, customers, or members that cover topics such as password management or phishing prevention.
  • Organize fun activities or contests for employees that test their cybersecurity knowledge or skills, such as a virtual escape room or an online quiz game.
  • Display posters or banners in branches or offices that promote cybersecurity awareness and provide contact information for reporting cyber incidents.

By promoting Cybersecurity Awareness Month, financial institutions can demonstrate their commitment to cybersecurity and empower their employees and customers or members to take action to protect themselves online.

Conclusion

Cybersecurity Awareness Month is a great opportunity for banks and credit unions to raise awareness and educate their employees, customers, and members about the importance of staying safe and secure online. By participating in Cybersecurity Awareness Month, financial institutions can reduce cyber risks and improve customer or member loyalty and trust.

Cybersecurity is a shared responsibility that requires everyone’s involvement. By working together, we can create a safer, more trusted digital world for everyone.

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About the Author

Edward Callis, CPA, CISSP, CCSP

Senior Director of IT Risk & Assurance
Edward Callis is Senior Director of IT Risk & Assurance at Abrigo. He leads a team of IT professionals who assess Abrigo’s vendor and partner ecosystem, and who provide comprehensive due diligence documentation so financial institutions can make an informed choice when selecting software platforms. Edward has more than 10

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.