Cyberattacks on banks have been increasing at an alarming pace, with a jump in ransomware attacks alone to the tune of 1,318% in the first half of 2021. This comes as no surprise, given the treasure trove of financial—and business-critical—data hackers know banks have access to and depend on. Data is at the core of every bank’s business, and whether hackers want to steal it or use it as leverage, maintaining consistent, comprehensive cybersecurity should be at the heart of every financial institution’s mission. Here’s what should be top-of-mind for banks seeking to improve their cybersecurity monitoring and alerting.

What Is the New FDIC Notification Rule?

The FDIC recently released a mandate requiring banks to report a cyberattack within 36 hours after a computer-security incident. The regulations further outline what defines a computer-security incident. According to the FDIC’s announcement, this would refer to an incident that results in the “actual harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits.”

A bank needs cybersecurity monitoring tools constantly running to ensure it remains in line with this requirement. Furthermore, banks need to have proper security alerting and reporting mechanisms in place to align with the required time frame.

What Is the Threat Landscape within the Banking Industry?

The need for cybersecurity monitoring tools is underscored by the fact that the average cost of cybercrime within the financial sector costs companies $18.5 million. This may be because financial firms are 300 times as vulnerable to cyber threats as normal businesses.

One type of threat that can slip the notice of admins is insider breaches that result from employees failing to follow the proper security protocols. For example, employees may:

• Use passwords that are too easy to guess or those that have already been exposed in a security breach
• Fail to shut down their workstations, either in the office or while working remotely, making it easy for a malicious actor to access a sensitive application left open on their device
• Fall victim to phishing or social engineering tactics, providing cybercriminals with access to personal and confidential information

Due to how often cybercriminals target banks, it’s essential to consider the constantly evolving threats and establish a cybersecurity monitoring and alert system. In this way, you can be aware of threats and mitigate them before they cause significant harm.

How Managed Detection and Response Can Help Banks Stay Secure

Keeping banks secure requires a sophisticated and proactive approach to cybersecurity that combines advanced technology with skilled security professionals. A managed detection and response (MDR) solution can help banks discover, prevent, and recover from cyber threats faster. With a managed detection and response solution, a bank can:

• Identify more threats
• Reduce the amount of time a threat spends within its system
• Reduce downtime
• Proactively mitigate attacks to prevent their spread
• Detect advanced threats 24/7/365

Banks need a solution that not only alerts them to threats but mitigates those attacks as well. TPx Managed Detection and Response Services offer the tools you need to keep your banking customers and data safe. You can connect with TPx today to learn more.