As the public increases its use of mobile banking apps, partially due to increased time at home due to COVID-19, the FBI anticipates cyber actors will exploit these platforms.

Sixty-one percent of merchants believe they’re at greater risk of a data breach than a year ago, while 22 percent of merchants have experienced data theft in the last year alone.

Cybercriminals are leveraging ransomware threats to extort big money from organizations of all sizes in every industry, but financial services organizations are one of today’s primary targets. It is non-negotiable for financial services companies to maintain the privacy of theirs customers and the security of their confidential data. If a bank or credit union is hit with a ransomware attack, significant backlash is undoubtedly going to ensue – especially if customer data is held ransom for a significant amount of time.

In today’s complex digital world, cybersecurity threats are high and rising. The Identity Resource Center’s 2017 Annual Data Breach Year-End Review reports publicly-disclosed data breaches were up 45 percent from 2016. And the 2018 Thales Global Data Threat Report notes that 71 percent of U.S. enterprises have suffered at least one data breach “over the past several years,” with 46 percent reporting a breach “in the past year,” up from 24 percent in the prior survey. As cyber threat volume and sophistication increase, financial institutions of all sizes are challenged to maintain and prove cyber safety and soundness.

Cybersecurity is not a problem that can be solved through technical measures alone; it requires all employees to be educated, vigilant, and prepared.

Will hackers hit all the ATMs, or is it a simple matter to prevent further attacks?

Linking cyber and physical security together transforms alerts into actionable intelligence. By capturing and analyzing data in real time, financial organizations gain a visual representation of risks across the business while accessing information related to the most critical events happening at any given time.

Dave Aflalo has protected Presidents of the United States, nuclear power plants and CEOs. Over a 35-year career, his work has spanned the industry spectrum and has included senior leadership roles ensuring security and safety in both the public and private sectors.

Sixteen years ago Mark Theisen was hired at Thrivent Financial as manager of safety and security. Today, it’s home, one that he says matches his personal values.