Independent Banker - March 2023 - 40

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MARCH 29
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Double-Down
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Banking: Strategies
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Featuring:
Rob Newberry
Senior Advisor
Abrigo
Nolan Gesher
VP Sales Enablement
Abrigo
John Hatfield
Founder
jwh Advisors
Despite today's challenging
economic environment,
Community Banks are uniquely
positioned for growth. Get expert
tips and strategies for growth
through relationship banking.
employees need to know what's
happening on the ground. That's
why this kind of education can't just
happen once a year, says Dror Liwer,
cofounder and chief marketing
officer for Coro Cybersecurity.
Any time a fellow community
bank is phished, employees should
be updated on how the attack
happened, he says. " Sharing it with
the team, including how someone
fell for that scam, can help make sure
they don't fall for the same thing. "
Constant phishing education
For example, if employees have been
trained to watch for unusual file
attachments and suspicious links
they shouldn't click on, they may
save themselves from business email
compromises, where hackers take
over someone's email account and
then start acting as if they were that
person. According to the FBI, losses
from this type of fraud mounted to
$43 billion between 2016 and 2021.
" If in the past it was a generic
email sent to millions of people in
the hopes someone would fall for
it, this kind of phishing is sending
you an email that looks very
convincing and very targeted at you
personally, " Liwer says. These emails
are coming from actual corporate
email addresses, just with hackers
in control.
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If employees aren't aware of this
practice, they may not question why
the CFO, who never reaches out
to them directly, is asking them to
transfer funds, or why someone in
accounts payable is asking them to
pay a vendor at a different account
than what has been used before.
This is why community banks
" need to educate their employees
constantly, " Liwer says. That way,
they know what exactly to look out
for. In addition, those emails are
a regular reminder that threats
" If in the past it was a
generic email sent to
millions of people in the
hopes someone would
fall for it, this kind of
phishing is sending
you an email that looks
very convincing and
very targeted at you
personally. "
-DROR LIWER,
CORO CYBERSECURITY
are out there, reinforcing any
education efforts.
Fake phishing
Community banks can test their
employees' efficacy in spotting scams
by running their own simulated, fake
phishing campaigns. BankPlus runs
multiple tests like this every year.
" We send phishing emails out
internally and do our best to
make sure those emails look like
something that an attacker might
use, " Stringer says, adding that these
tests change quite often to match
what hackers are doing out in the
real world, " so it's never the same
internal test twice. "
If BankPlus sees a new phishing
scam happening to other community
banks or similar businesses, they'll
run a test to simulate it, he says.
If an employee falls for a fake
phish, they are redirected to a
website that " educates them on
what they missed, and why that
email was phishing, " Stringer
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Independent Banker - March 2023

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