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23 Nov, 2020

Another Ransomware Event

A ransomware attack has impacted community banks and mortgage companies across the nation and compromised critical customer data held on-site at banks. The attack targeted an MSP that services banks and financial institutions, and exposed personal information including customer loan amounts, tax ID numbers, private emails, and credentials.

BOIT Clients Know

Our client servers are hosted at BankOnIT. BankOnIT was not impacted by the cyberattack and breach, and other MSPs do not have direct access to your servers or network. As always, we advise clients to exercise extreme vigilance and be weary of emails that prompt them to click or open attachments.

Protection From the BankOnIT Bankers Private Cloud®

Could these banks have been protected?

Our proprietary tools, like the Bankers Private Cloud® Threat Mitigation Shield™, help financial institutions better defend themselves against the rapidly increasing number of cybersecurity risks through monitoring emails and Internet traffic 24/7/365, and uses advanced algorithms to detect and mitigate malicious traffic.

Internal and external assessments are performed regularly and are crucial to our process. When combined with appropriate corrective action, routine vulnerability testing can help banks identify system weaknesses and protect data from attacks.

Costs Involved With Doing It Right

Many industries have had to pause technology improvements and plans for growth in favor of precautionary measures, and the banking industry is no different. But, simply put, there are costs involved with doing it right. From our layered security solution, Integrated Technology Defense, to advanced SPAM filter capabilities, there is an advantage to community banks with top-tier technological support.

2021 and Beyond

Moving into the end of the year and looking toward 2021, we recommend seeking solutions that offer maximum protection. Connect with us on ways we can further provide support to you in these areas moving forward.

In spite of COVID-19 and the toll it took on our economy, our organization is back on the move. BankOnIT has signed three new clients in the month of October. We are excited to welcome the banks from Florida, New Mexico, and California into the fold and look forward to providing them with new opportunities and increased protection.

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This publication attempts to provide timely and accurate information concerning the subjects discussed. It is furnished with the understanding that it does not provide legal or other professional services. If legal or other expert assistance is required, the services of a qualified professional should be obtained.

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