Bass, Berry & Sims attorney Tony McFarland authored an article providing guidance to leaders of financial institutions, particularly those affiliated with community banks, on potential cybersecurity threats. Hacking incidents are often mistaken as strictly a big-bank problem. In reality, community banks may be at a greater risk. As Tony explains in the article, "cybercriminals target the [community] bank's funds rather than those of its customers," and hinder a bank's ability to serve its customers by, for example, limiting their online account access. The article also outlines proactive measures the leaders can take to avoid a cybersecurity breach and, consequently, costly cyber liability.
The full article, "These Cyberthreats May Be Coming to a Local Bank Near You," was published as a "BankThink" column by American Banker on December 2, 2015 and is available online. The article also was featured in the publication's BankThink newsletter on December 3, 2015.