Cybersecurity Trends for 2020

According to a recent survey of community bankers, cybersecurity was the highest-rated risk concern, with over 96% of community bank CEOs reporting that they considered it an important or very important risk factor for their bank. As we observe Cybersecurity Awareness Month in October, ABA cybersecurity expert Paul Benda joins the ABA Banking Journal Podcast for a bonus episode covering:

• The salience of cyber-enabled fraud — not outright hacks of banks’ systems, but fraud techniques that use technology to exploit weaknesses in systems, such as phishing to perpetrate a business email compromise scheme.
• How banks are using and securing cloud computing technology — an issue Benda recently testified about on Capitol Hill — including common applications like Microsoft Office 365.
• The need for growing sophistication in third-party risk management and due diligence in an increasingly complex cybersecurity and technology environment.