Securing your network: A service guide for bankers

Abstract

Given the rise in hacking incidents and the threat of cyberterrorism, government officials have taken a closer look at banks' security standards. As a result, both state and federal examiners expect institutions to have a written information security plan in place. Transactional Web sites are one area of concern. Beginning with the March 31 Call Reports, federal banking regulators are requiring financial institutions to state whether their Web sites have transactional capabilities. Identity thieves are also a threat to banks. ID theft rose 142% from 2000 to 2001, according to the Carnegie Mellon Software Institute. In addition to these issues, cyberterrorism is a very real problem. In response to increased threats and regulatory scrutiny, during the past three years hundreds of network and Internet security companies have cropped up across the US. Key things for banks to consider in choosing a vendor are discussed, including: 1. Look for strong financials. 2. Get a regulatory stamp of approval. 3. Demand constant monitoring. A listing of companies that market their products and services to community banks is presented.