Yes. In addition to being a regulator expectation, banks do need a tested “what if” plan in place. What if the cyber-attack circumvents the providers’ security? What if an internal employee opens an infected email and infects the bank’s network? What if hackers gain access and attempt to transfer funds using your own payments platform? There are a lot of “what ifs” we need to be prepared for.
Technology security providers can help protect you to an extent, but we’ve seen these attacks grow in sophistication and criminals get around even very strong security. The Plan is designed to help Operations process in a secure environment when other security measures fail.
Learn more about Rayleen's webinar Cyber Attacks: What Ops is doing now.