Mitigation

The Securities and Exchange Commission issued an alert about recent reports that threat actors are targeting financial institution networks to access internal resources and deploy ransomware.

The attacks on community banks and their customers continue to rise, reinforcing the need to refocus on cybersecurity while adjusting to the “new normal,” ICBA Director of Operational Risk Steven Estep wrote in Main Street Matters.

The Independent Community Bankers of America, in partnership with AIR, the Alliance for Innovative Regulation, and The Venture Center, today presented 12 high-impact fintech solutions tailored to help community banks navigate the Small Business Administration’s Paycheck Protection Program for their small business customers

Security breaches involving cloud computing services highlight the importance of sound security controls and management’s understanding of the shared responsibilities between cloud service providers and their financial institution clients, federal regulators said.

ICBA today announced plans for a second ICBA ThinkTECH Accelerator in partnership with The Venture Center. The program will accept applications from early-stage and startup fintech hopefuls from Aug. 12 to Sept. 30.

ICBA expressed disappointment in federal regulators’ insufficient proposal to reduce reporting burdens and repeated its call for a true short-form call report. Following its weeks-long grassroots advocacy campaign, ICBA said the call report for the first and third quarters should consist of a balance sheet, income statement, and statement of changes in shareholders’ equity.