In an article published in The Tennessee Banker, Bass, Berry & Sims attorney Tony McFarland outlined four simple steps for financial institutions to better protect against cybersecurity threats – especially in the wake of large-scale hacks like the historic WannaCry breach in May 2017. To better protect against these cyber breaches, it is important to build comprehensive cybersecurity protection plans. "Cybersecurity is a culture, not a cost center; a mindset, not a mine field … Fostering that culture is the single most effective defense against a cyber event and the best way to safeguard the assets of the institution and its customers, employees, and shareholders," said Tony.
However, given the overload of information from countless resources that financial institutions have to wade through, "analysis paralysis" can create challenges for institutions developing data privacy protection and compliance plans. To help with this, Tony recommends starting off by following four simple steps: train, maintain, test, and repeat.
More details on what each step entails can be found in the full article, "Four Steps for Better Cybersecurity," that was published in the July/August 2017 issue of The Tennessee Banker, the official publication of the Tennessee Bankers Association.