Computer security (also known as cyber-security or IT Security) is information security as applied to computers and networks. The field covers all the processes and mechanisms by which computer-based equipment, information and services are protected from unintended or unauthorized access, change or destruction. Computer security also includes protection from unplanned events and natural disasters.
While not directly related to financial institutions, I thought it interesting enough that the White House has been working to tighten up the country's cybersecurity over the past couple of years. In February, President Barack Obama signed an executive order that he said will "strengthen our cyber defenses by increasing information sharing, and developing standards to protect our national security, our jobs, and our privacy."
Risk management is an inherent component of any financial institution's business operations, whether it be market risk, credit risk, or reputational risk. Cyber attacks are a rapidly growing threat that can affect those risks.
Chief information security officers (CISOs) are being relied upon in organizations to help executive management better understand cyber risks. In order to tackle the cyber challenge, financial institutions must evaluate the way they’ve thought of CISOs and the value they bring to an organization.
The ABA (American Bankers Association) is offering a free,
members-only telephone briefing and webcast about the cyber threats banks face
on Aug. 22 from 3 p.m. to 5 p.m. These threats -- many of which arise from the
Internet’s growing role in business transactions and customers’ lives --
include theft of intellectual property, theft of funds and attempts to disrupt
bank operations and customer service.
During the ABA’s briefing, the top cyber-security officials at the Treasury Department and the FBI will present their views on these threats and how to counteract them. The briefing will also highlight ABA’s cyber-security resources and the services of the Financial Services Information Sharing and Analysis Center (FS-ISAC), an industry-led initiative in which ABA and many of its member banks participate. FS-ISAC’s president and CEO will present during the briefing. Read more and register. For more information, contact ABA’s Linda Shepard.
Whether you are a small institution or a large institution, it may be worth it to sit in on this free briefing to gain a better understanding of where your risks lie, and then be able to better evaluate the risk that cyber-security poses to your own institution.
Senior Quality Control and Review Specialist
Sharon Geiger has 27 years banking experience, 21 of which have been involved in internal audit. She has extensive knowledge of all aspects of the banking industry, with a particular emphasis on regulatory compliance and identifying risks and controls. As QCR Specialist, she performs Quality Control Reviews to ensure all workpapers and reports are completed in compliance with the firm's standards.