FRB – Maintaining Strong Cybersecurity Controls Is Imperative as Online Threats Increase

October 9, 2020

Key points:

Covid has created chances for hackers and many have turned to ransomware attacks. Beasley Breach Briefing noted that ransomware updates against its clients are rising. Notifications against the firm’s clients rose by 131 percent to 775 incidents in 2019. Phishing emails and poorly configured remote access are used for ransomware attacks.

Senior management should ensure banks set up controls to stop ransomware attacks. Key controls include antivirus applications, patch management, ID authentications. Management should establish a strong incident response plan for ransomware attacks. Individuals in charge of cybersecurity should understand the latest industry guidance.

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