Independent Banker - December 2017 - 72

Nuts & Bolts
CYBERSECURITY WORLD
Four ways to safeguard
your data
What if another Equifax happens? Spoiler: It will. Data breaches are the new
normal, so community banks should take these practical first steps to defend
their data and that of their customers.
By Susan Thomas Springer
authentication methods.
" In a traditional environment,
authenticating a customer by social
security number, date of birth, address
or telephone PIN would likely be
deemed sufficient, " says Jeremy Dalpiaz,
ICBA's assistant vice president
for cyber and data security policy.
However, when information has
been exposed, community banks
might want to ask for information
that may not have been stolen that
only the bank and customer know.
That includes the date and amount
of the last transaction, the sender of
any direct deposits, the approximate
account balance, the branch where
the account was opened, the beneficiary
on the account, or the email
and phone number associated with
the account. Also, it might be a good
idea for banks to use more than one
type of authentication and to vary
the types of questions asked.
T
he Equifax data breach,
which exposed the
financial information
of nearly 146 million
Americans, was one of
the largest in US history. Hackers
stole personal information on a massive
scale, including social security
numbers, birth dates, home addresses
and more. The scandal resulted in the
resignation of the CEO and other top
execs, a PR crisis and weary consumers
wondering who to trust and how
to guard against identity theft.
Sadly, it wasn't the first data
breach, and it won't be the last. To
shore up their defenses, community
banks should take a multipronged
approach to strengthen both their
own security and their customers',
along with providing some muchneeded
peace of mind.
2
Step up authentication
In the wake of a large data
breach such as the Equifax
attack, community banks can mitigate
risk by going beyond their usual
1
68 ICBA Independent Banker December 2017
Beware of
increased fraud
After a large breach,
criminals flood the dark market
with customers' private data. In
the early days of a breach, it isn't
always known if the stolen data are
matched with individuals' names

Independent Banker - December 2017

Table of Contents for the Digital Edition of Independent Banker - December 2017

Table of Contents
Independent Banker - December 2017 - Intro
Independent Banker - December 2017 - Cover1
Independent Banker - December 2017 - Cover2
Independent Banker - December 2017 - Table of Contents
Independent Banker - December 2017 - 2
Independent Banker - December 2017 - 3
Independent Banker - December 2017 - 4
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