What Can a vCISO Do for Community Banks?

Introduction

When looking for goods and services, people will usually look for local businesses to help support their community. It can be very beneficial to a town or city when people shop local, whether if buying food, repairing their home, or even banking. Community banks are a cornerstone for many flourishing areas, creating connections with the people that do business with them.

Building a stronger community starts with its people. Local businesses build relationships and trust with their customers who they might see at the grocery store or on the sidewalk. However, while community banks are an important factor for many communities, they must be held to the same standards as other banks and credit unions.

Government regulations are necessary to make sure financial institutions, like community banks, keep their customers safe and protected from bad actors. Examiners come and make sure that these businesses are compliant with these regulations, especially when it comes to cybersecurity. These services can be somewhat expensive, however, so a community bank may need a vCISO.

What is a vCISO?

A virtual Chief Information Security Officer takes the place of a regular CISO, usually acting as a remote position that isn’t affiliated with the bank itself. Normally, a CISO is filled by an employee to develop and maintain policies and procedures when it comes to information security. Unfortunately, this position can be quite expensive for businesses, especially when it comes to community banks.

However, to avoid spending tens of thousands of dollars on trying to fill this position, a cheaper alternative has emerged to help with cybersecurity. Community banks and other financial institutions have begun taking advantage of hiring a vCISO to fill this need. By purchasing hours to use with these professional cybersecurity analysts, they can help any community bank reach governance, risk, and compliance goals.

What can a vCISO do for a community bank?

There’s no mystery that community banks work with a smaller budget than their multi-state financial counterparts. However, with that in mind, there are plenty of ways that community banks can save money to establish a powerful, robust cybersecurity posture. Here are a few things that a vCISO can perform for a community bank.

IT Security Audit

With government regulations, the IT security audit is likely the biggest piece that any examiner looks for. It is an important part of any proper cybersecurity program, but it can range between many definitions. However, regardless of how you look at it, a vCISO should know exactly what needs to be done. They will validate security controls, meet compliance requirements, and build a lasting library with everything a community bank may need to show examiners.

These audits should be based on a variety of frameworks, including NIST, FFIEC, CIS, FCA, InTREx, ACET, HIPAA, and more. Whether your community bank is new and just beginning or if it’s been in business for decades, IT audits will be a necessary part of your information security programs. A vCISO can fit into either of these scenarios, either creating a brand-new program or making an existing one better.

Vulnerability Assessments and Risk Management

With advancements in technology, new vulnerabilities and risks pop up every day. It is important to have systems in place for these things, and with a vCISO, community banks can make sure that their systems are defended against these, even as they appear. A proper vulnerability and risk management program includes verification checks and occasional scanning.

System updates and patches are important to any network, so having a program in place for that is key. A vCISO can implement these policies and procedures, even going as far as getting scanners set up to make sure everything is in working order. Regardless of how you look at it, an examiner is going to check for these things to be in place.

Security Awareness Training

Along with the technological advancements as stated above, social engineering also gets more advanced every day. With the introduction of AI and other tools, phishing has become a bigger concern for many organizations. Using generative AI, bad actors can use emails and text messages that look authentic, without grammatical errors, and have proper sentence structure, all of which used to be red flags.

Phishing, along with smishing and vishing, have become difficult to discern from actual messages and letters. However, with security awareness training, a vCISO can help employees understand what else to look for and learn about the latest methods of social engineering. With simulated phishing, lectures, and various other methods, community banks can lower the possibility of human error in social engineering attacks.

Conclusion

These are just a few things that a vCISO can help a community bank with when it comes to cybersecurity. They can create and help maintain information security policies and procedures, making sure that management has everything they need to pass exams and to protect their customers. These professional security analysts can help with all of it.

Community banks usually don’t have to worry about filling a CISO position in their company, but they still need to keep their cybersecurity programs up to date. With a vCISO, it can be as easy as purchasing a bit of time from a high-ranking security analyst. They will provide everything that is needed and your community bank will be safe from cybersecurity attacks and breaches.