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15 May, 2023

Information Technology for Banking Leaders Q2 2023

As CEO, what should I be looking for with my IT staffing?
Experienced bank CEOs are comfortable with hiring lenders because most CEOs have a lending background. But what should a CEO look for in hiring IT leadership and staff? Interested in knowing more? Contact us at solutions@bankonitusa.com.

More banks across the Nation are considering outsourcing infrastructure and support of their technology networks.
West Coast bankers rely heavily on outsourcing their technology platforms. Due to financial institutions in that region have had to compete for IT staff with large technology firms for years, outsourcing the infrastructure and IT staffing is common.

Banks in the Northeast, Southeast, and Texas have historically been somewhat slower outsourcing the technology platform but are moving in that direction rapidly.

Midwestern banks have been the slowest toward outsourcing their network technology platforms but are also moving in that direction at an increasing pace.

Why? With the rapid advance of remote work, even the most rural areas compete with employers nationwide for qualified staff. And, with a smaller pool of qualified candidates, outsourcing makes sense.

Juice Jacking. What is it, and should I be concerned?
Juice jacking refers to cyber attackers compromising a public USB charging port or charging cable in public locations (such as airports and hotels). The FCC[1] warned about this risk in 2019. While not widespread, the best defense is to plug into an AC outlet with your personal power block and USB cord. Your phone or other device may also prompt you to "allow or deny" data sharing.

You likely have a bigger risk from this threat.
Thieves are targeting the theft of iPhones. Taken off restaurant tables, from coffee house countertops, or simply grabbing the phone out of your hand and running away, thieves are watching to see you enter your phone's unlock code and then take the phone.

Part of the benefit to the criminal is the device's value. The other part is access to apps that move money along with information you may have stored on the phone, such as social security numbers or photos of driver's licenses. This article from The Wall Street Journal explains the risks and suggested ways of protecting yourself. How to Protect Your iPhone Data From Thieves - WSJ.

The biggest cyber security risk you face every day remains.
Email is the biggest doorway to any corporate technology network and any individual device. It is the most frequent method cyber attackers use to gain access. While everyone uses firewalls, SPAM filters, and anti-virus, those defenses are no longer enough. Why? Because cyber attackers are first attacking those you know and trust to gain access (via email) to your network.

Cyber attackers target firms such as CPAs and bank trade associations for access to those entities' email accounts. Attackers then use these accounts to send malicious emails, which are more likely to get through existing defenses because they come from a known (and usually trusted) sender.

Cyber attackers are always trying new techniques, and new defenses are required to keep pace with the rapidly changing threat environment.

Apple announced a digital savings account with a 4.15% APY.[2]
Apple Savings joins Apple Cash, Apple Card, and in some states, legal digital versions of driver's licenses as Apple works to gain a more prominent presence in consumers' digital wallets.

Thank you to those who shared their thoughts about last quarter's commentary regarding network technology firms (MSPs) being purchased by private equity-backed groups.
The most common concern when a firm sold or merged was a decrease in service, followed by a change or decrease in staffing.

"Anytime we purchase a Managed Service Provider (MSP), we get rid of the bank and law firm clients."
Comment made by a private equity investor on buying managed service providers. He explained they did not want the regulatory risks banks posed, nor did they want a client that could sue them for free.

Are you interested in gaining MORE from your technology investment?
Have questions or want to share your experience? Contact us by email at solutions@bankonitusa.com or call us at 1-800-498-8877 Option 2 for a confidential discussion. You'll be glad you did.

[1] 'Juice Jacking': The Dangers of Public USB Charging Stations | Federal Communications Commission (fcc.gov)
[2] Apple Launches Savings Accounts With 4.15% Interest Rate - WSJ

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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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