The city of Atlanta was hit by a ransomware attack that crippled several of its systems, according to the city’s news reports. The attack caused outages on both internal and external facing applications, including systems that citizens use to pay bills and access court documents. Hackers demanded a ransom of $51,000 in bitcoin to unlock the system. Days after the attack, city officials were still struggling to keep the government running with many of their digital processes and services still being held hostage by the hacker’s cyber attack.
These banks gained back far more than one hour.
What would your 2018 look like if you were able to spend less time on technology issues while gaining far more capabilities? And, what if these capabilities provided better reliability, increased security, fewer problems and a better outcome with your technology systems?
Fifty thousand security alerts. That’s how many alerts 75% of banks in the United States receive on a daily basis, according to an article published by the American Banker magazine. More and more banks are trying to convince regulators, and themselves, that they have the capabilities to monitor, manage and respond to the endless cycle of alerts while successfully running their bank and taking care of their clients. Some would call that insanity.
This week, National Data Privacy Day was celebrated. Data Privacy Day is an international effort to create awareness about the importance of respecting privacy, safeguarding data and enabling trust.
Beginning in the United States in 2008, it serves as an annual reminder to all of us about how important the privacy of our own personal data is.
More cyber threats and increased complexity equals greater risk and enhanced regulatory scrutiny on the CEO and Board.
That essentially summarizes not only the OCC’s recently released Semiannual Risk Perspective for Fall 2017, but the challenges all banks face regardless of their regulator in 2018.
BankOnIT is pleased to announce Sara Nielsen has joined BankOnIT as senior vice president. Nielsen, previously with the Federal Reserve Bank of Kansas City for over 13 years, is also a former commercial banker.
Are Your Facebook Friends Giving You a Virus?
Highly targeted attacks known as spear phishing go after individuals or groups of individuals by distributing links or attachments that contain viruses and malware, such as ransomware.
Community Bank Net Income Rises to $6 Billion but There are Competitive Pressures
Community banks posted solid financial performance for the third quarter of 2017 as reported in the recently released third quarter 2017 FDIC Quarterly Banking Profile, putting banks well into the black with profitability and making the financial crisis seem more distant.
The size of community banks is growing. In the 1950s, a community bank was thought of as having a single office serving a single community. Today, many community banks have branches, some with 6, 12 or 36 offices, serving multiple communities. And community banks represent 92% of all FDIC insured institutions in the USA.
There is something they all have in common.
What would your day look like if you had IT capabilities that provided better reliability, increased security, fewer problems and a better outcome? More banks are choosing BankOnIT as the way for them to accomplish these objectives.