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Thursday, April 11, 2013

Small Banks: Prepping for DDoS Attacks

For tiny First Landmark Bank in Marietta, Ga., cybersecurity is a priority, even though smaller financial institutions have not yet been prime targets for recent distributed-denial-of-service attacks against banking institutions. Because the community bank’s leaders fear the institution could eventually be a target for a cyber-attack, they are taking a proactive approach to mitigate potential risks - an approach that others should emulate. Small banking institutions have to depend on third parties to keep them abreast of emerging fraud schemes and attack trends, such as DDoS. First Landmark Bank, which has only $182 million in assets, is working with its core processor, Fiserv, and third-party service providers, such as CSI, to ensure its online-banking channel is secure.   The bank is leaning on numerous vendors because relying solely on Fiserv alone would not meet its needs, says Leigh Pharr, senior vice president.

Small banking institutions have to depend on third parties to keep them abreast of emerging fraud schemes and attack trends, such as DDoS. First Landmark, however, knew from its founding in 2008 that it had to outsource most of its information technology and security management, says Leigh Pharr, the bank’s senior vice president.

“We are very fortunate in that senior management here and our president are very in-tune with DDoS attacks, and we keep all of our employees well-educated on what might happen, what can happen,” Pharr says. “While we do rely on our core processor to provide us with all of the technical, online banking products, we are not satisfied that is all we need to ensure we are secure and that our accounts are protected,” Pharr says. “That’s why we have hired other third party providers [such as CSI] to come in and test our systems - try to break us. “


As the managers of online-banking platforms for the majority of small and mid-tier banking institutions throughout the U.S., core processors have a responsibility to ensure their institution customers are protected and are investing in up-to-date solutions.



Link: http://www.bankinfosecurity.com/blogs/small-banks-prepping-for-ddos-attacks-p-1449?rf=2013-04-11-eb&elq=1a992929888647e29512fd7c7911f434&elqCampaignId=6408

Posted on 04/11
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