Washington, D.C. – Today, state bank regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats. The best practices were developed by the Bankers Electronic Crimes Task Force, which includes bank CEOs and executive officers from banks across the U.S. In the industry best practices issued today, the bankers identified four cyber threats that warrant continued attention by banks. These include:
Large-Value Funds Transfers – unauthorized wire transfers (SWIFT-like thefts) of millions to billions in funds.
Ransomware – a form of extortion that uses malicious software to encrypt a device or data, and demand payment for access.
Distributed Denial-of-Service (DDoS) – an attempt to prevent users from accessing information or services, such as overloading the capacity of a bank’s website.
ATM Jackpotting/ Cash-Out – an illegitimate attempt to dispense cash from an ATM.
The release of these industry best practices is part of a larger effort among state bank regulators and federal authorities to combat cybercrime. In the past, state and federal authorities have hosted webinars, issued a cybersecurity assessment tool and held executive briefings to inform bank CEOs about the U.S. and global cyber threat landscape, as well as to equip the industry with the knowledge and tools for mitigating cyber risks.
The Bankers Electronic Crimes Task Force was modeled after the U.S. Secret Service’s Electronic Crimes Task Force but developed exclusively for the community banking industry. Texas and Massachusetts state banking departments, working with the Conference of State Bank Supervisors (CSBS) and 11 other banking departments, facilitated this initiative. However, the Bankers Electronic Crime Task Force, identified the threats and developed the best practices. Members of the Bankers Electronic Crimes Task Force include community banks that range from $90 million in total assets to $7.8 billion.
Bankers Electronic Crimes Task Force:
- Berkshire Bank, Pittsfield, MA
- PeoplesBank, Holyoke, MA
- Texas Bank & Trust, Longview, TX
- Lewis & Clark Bank, Oregon City, OR
- Bank of Utah, Ogden, UT
- Mainstreet Bank, Cook, NE
- First Northern Bank, Dixon, CA
- Orrstown Bank, Shippensburg, PA
- Happy State Bank, Happy, TX
- First Savings Bank, Clarksville, IN
- The Commercial and Savings Bank of Millersburg, OH
- RCB Bank, Claremore, OK
- Community Bancshares of Mississippi, Brandon, MS
- Bank of Oak Ridge, Oak Ridge, NC
- Farmers Bank & Trust Company, Magnolia, AR
More information on executive leadership of cybersecurity is available at www.csbs.org/cybersecurity.