Independent Banker - March 2021 - 38

PORTFOLIO CHECKS & BALANCES
Responding to the
SolarWinds breach
All institutions, even those with a solid cybersecurity defense,
were vulnerable to 2020's SolarWinds Orion cyberattack.
Community banks should be ready for a future cyber event.
By Joel Williquette, ICBA
hygiene, with up-to-date patching
and cybersecurity.
The goal of the attack wasn't
to disrupt-it was to spy on the
government and big technology
companies. One of the goals was to
gain insights into how to break into
secure systems in the future.
What does the SolarWinds breach
mean for community banks? Here's
a breakdown from a policy and
practical standpoint.
How to prepare for another breach
Community banks need to be ready
for other breaches. The best way to
prepare is to revisit your incident
response plan. Like drills in sports,
you need to regularly practice your
incident response plans so you
are prepared to respond to cyber
incidents immediately.
Cyberattacks and breaches are an
all-hands-on-deck situation. The
more knowledgeable individuals
you include in the response, the
more effective it will be. Here are a
few commonly overlooked ways to
marshal the needed resources.
n December, the U.S. was shocked
to learn about a cyberattack on
the SolarWinds Orion Platform.
The breach pushed malicious code
to an estimated 18,000 customers,
including federal agencies and many
private companies, between March
and June 2020. Since that time,
ICBA has been in close contact with
I
regulators and government partners,
meeting between two and three times
a week.
The SolarWinds-related breach is
what's known as a zero-day attack.
It bypassed all defenses because it
exploited a trusted mechanism. That
means organizations were vulnerable
even if they had immaculate cyber
1. Contact your insurance
company. One often overlooked
step in community bank incident
response plans is to contact your
insurance company early in the
process. That may seem like a task
for down the line, after you have
determined the scope of an incident,
but it should be one of the first calls
you make. Insurance companies
have a lot of experience dealing
with cyberattacks, will guide you
through the information you need
to collect during the incident and
can often suggest incident response
companies they've worked with
in the past. Even if you already
have an existing incident response
vendor, having access to more
resources can only help.
38 Q ICBA Independent Banker Q March 2021
Photo Bloomberg Finance LP

Independent Banker - March 2021

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Independent Banker - March 2021 - Cover2
Independent Banker - March 2021 - Table of Contents
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