Cybersecurity: It’s a Mutual Responsibility in the Business Community

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New cybersecurity rules go into effect for banks in 2022. Starting in May, banks are required to report any major cybersecurity incident to their primary governmental regulator within 36 hours of discovery. Banks also must notify customers if an incident, with impact, lasts more than four hours. Cybersecurity is a mutual responsibility in the business community. Here are strategies recommended by our bank’s CIO to help business owners keep data and information safe.

In 2020, the number of data breaches in the United States totaled 1,001 cases. Over 155.8 million individuals were affected with the accidental revelation of sensitive information due to less-than-adequate information security. Nearly 44% of attacks in 2019 were business related followed by medical (nearly 36%), banking (7.3%), government (6%) and education (8%).

Cybercrime costs are projected to exceed $6 trillion by the end of 2021. These eye-popping stats should make…

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