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Jones Walker Unveils 2024 Cybersecurity Survey Exposing Critical Gaps in Community and Mid-Size Banks

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The survey reveals under preparedness in prevention, third-party vendor risks, and the need for technological advancement

NEW ORLEANS, Nov. 12, 2024 /PRNewswire/ — Jones Walker LLP today announced the release of its 2024 Community and Mid-Size Banks Cybersecurity Survey, the fourth in the law firm’s series of industry-focused, biannual cybersecurity studies. The comprehensive report highlights significant vulnerabilities and areas for improvement among community and mid-size banks in the United States.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/jones_walker/9234351-en-jones-walker-2024-cybersecurity-survey

Based on responses from 125 banking executives, including senior risk, technology, and information security leaders, the survey provides a detailed assessment of the current state of cybersecurity awareness, confidence, and preparedness in the banking sector.

This survey is the national law firm’s fourth on the topic of cybersecurity for critical industries. In 2018, the firm’s first survey focused on the greater maritime industry. The second survey, in 2020, focused on the midstream oil and gas sector, and in 2022, the third survey focused on the nation’s ports and terminals.

Key Takeaways:

1. Post-Incident Regulatory Compliance is Slowly Improving, but Prevention and Preparedness are Lacking: The banking sector is highly regulated, which makes data security, data privacy, and data breach compliance a top priority for banking executives. However, only 42% of respondents felt their own bank was very prepared for cyber threats, considering that only 61% of banks have established specific incident response teams with clearly assigned roles and responsibilities and 37% fail to encrypt sensitive information.2. The Lack of Due Diligence Performed on Third-Party Vendors is a Significant Risk: While virtually all, 99%, of community and mid-size banks rely in part or in full on the services of third-party vendors to address their cybersecurity needs, only 71% hold them accountable for contractual, legal, or regulatory liability, and a mere 23% require vendors to indemnify them against data breaches.3. Banks Are Underutilizing Outside Counsel and Cybersecurity Professionals: Fifty-seven percent of respondents do not engage experienced cybersecurity attorneys, increasing their exposure to regulatory and legal risks. In addition, only 32% use outside pre- and post-incident forensic consultants, potentially hindering effective breach response and recovery. On top of that, 59% have not reviewed their cyber insurance policies to ensure adequate coverage.4. Responsibly Embracing Emerging Technology Delivers Significant Advantages: Community and mid-size banks are hesitant to implement emerging technologies like artificial intelligence (AI) for cybersecurity enhancements. With large banks adopting AI, this hesitancy may make community and mid-size banks more vulnerable targets if they do not keep pace.

Author Commentary:

“Cyber threats are evolving rapidly, and community and mid-size banks must enhance their cybersecurity posture to protect their customers and assets,” said Andy Lee, a partner and co-leader of Jones Walker’s privacy, data strategy, and artificial intelligence team and Technology Industry Team. “Our survey reveals that while banks are aware of the risks, many are not taking sufficient proactive measures to prevent breaches.”

Tom Walker, a partner on the firm’s Banking & Financial Services Industry Team and a former community bank executive vice president and director, said, “Third-party vendors are a critical resource for community banks, but also a significant source of risk. As our survey clearly points out, community and mid-size banks can do more to mitigate the risks posed by third-party vendors to their information systems, reputations, and customers’ data by following industry and regulatory standards for planning, due diligence, selection, contract negotiation, and monitoring.”

“Banks are highly regulated, but many third-party vendors are not. It is critical that banks conduct thorough due diligence on their vendors and ensure robust contractual protections are in place,” added Rob Carothers, a partner on the firm’s Banking & Financial Services Industry Team.

“As big banks continue to bolster defenses with sophisticated security technologies, cybercriminals are shifting focus to community and other smaller banks,” warned Jason Loring, a partner and co-leader of Jones Walker’s privacy, data strategy, and artificial intelligence team. “AI-based tools, however, can serve as a great equalizer for smaller banks that may have more limited resources, so long as those tools are implemented responsibly. This can help these banks maintain levels of fraud protection, regulatory compliance and operational efficiency commensurate with larger institutions.”

“We urge small and mid-size banks to shift their security mindset to one focused on cyber resilience, which emphasizes the need to anticipate new threats and continuously improve cybersecurity measures, rather than the traditional notion of achieving a static state of cybersecurity,” encouraged Lara Sevener, a partner and co-leader of the firm’s Technology Industry Team. “As security threats are constantly evolving, focusing on a culture of cyber resilience – in which organizations implement a holistic approach that includes anticipation of cyber threats likely to occur, implementation and continuous improvement of security practices and defenses, and a strong focus on business continuity in the wake of an attack – will help to minimize the disruption and negative impacts caused by any future cyber event.”

Best Practices:

Enhance Focus on Prevention and Preparedness: Shift from reactive compliance to proactive measures, including regular training, testing, and updating of cybersecurity policies.Increase Oversight of Third-Party Vendors: Conduct thorough due diligence, enforce robust contractual terms, and hold vendors accountable for security obligations.Leverage Outside Legal Counsel: Engage experienced cybersecurity attorneys and consultants to mitigate regulatory and legal risks and improve breach response.Adopt Emerging Technologies: Embrace AI and other advanced technologies to enhance cybersecurity defenses and stay competitive.

Given community and mid-size banks’ unique position at the center of local and regional economies and the trillions of dollars in assets and loans they collectively manage, they are a prime target for threat actors. We commend the strides the sector has taken so far and urge stakeholders to bolster their cyber readiness to further improve their banks’ defenses.

The 2024 Community and Mid-Size Banks Cybersecurity Survey is part of Jones Walker’s ongoing commitment to provide valuable insights into cybersecurity trends across critical industries.

About Jones Walker
Jones Walker LLP (joneswalker.com) is among the largest 145 law firms in the United States. With offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Louisiana, Mississippi, New York, and Texas, we serve local, regional, national, and international business interests. The firm is committed to providing a comprehensive range of legal services to major multinational public and private corporations, Fortune® 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad.

All of the sources quoted in this news release are available for interviews and private briefings. Please follow a discussion about our 2024 Community and Mid-Size Banks Cybersecurity Survey on LinkedIn: #JonesWalkerCyberSurvey.

Media Contact:
Amanda Ferrari
aferrari@hellermanllc.com
440-465-6162

 

View original content:https://www.prnewswire.com/news-releases/jones-walker-unveils-2024-cybersecurity-survey-exposing-critical-gaps-in-community-and-mid-size-banks-302302817.html

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Leading Business Events Management Company, PRA Acquires Island Style Innovations in Hawai’i

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CHICAGO, Nov. 25, 2024 /PRNewswire/ — PRA, a leader in the Business Events industry, announced today the company has acquired Island Style Innovations, local destination management experts in the exclusive Hawaiian market. This move marks the second acquisition in the last 18 months in this important meeting, convention, and incentive program market, delivering continued growth and execution of PRA’s overall expansion strategy. The Island Style Innovations team will join the PRA Hawai’i office, under the leadership of Debbie Weil-Manuma, and rebrand as PRA, integrating with the current team.

Founded in 2014 by Tatiana von Oelhoffen and Colleen Reyes, Island Style Innovations is one of the leading events and incentive management teams operating across the Hawaiian Islands. With decades of combined event management experience, extensive local knowledge and strong operational excellence, the team specializes in comprehensive event design and execution. With well-established strategic relationships with many leading hotel brands, event venues, suppliers and business partners throughout the region, Island Style Innovations excels at delivering the highest quality meetings and events with a keen focus on local, authentic experiences. The company’s clientele spans programs for the insurance, financial, pharmaceutical, and technology sectors, along with diverse corporate clients.

Laurie Knapp, Chief Growth Officer of PRA, stated, “We welcome the incredible Island Style Innovations team to the PRA family who share our passion for creating once-in-a-lifetime experiences for valued clients. This continued expansion of our PRA Hawai’i team in this key destination emphasizes PRA’s steadfast commitment to deliver innovative event concepts through the industry’s most talented event designers and operators. Now working in conjunction with PRA’s industry leading creative, production, and global sales organization, the team will be able to deliver enhanced solutions in this important market.” 

The acquisition of Island Style Innovations along with the previous Weil & Associates Hawai’i purchase in 2023, marks a key step in the execution of PRA’s strategic growth plan.

“We are excited to have the Island Style Innovations team join PRA Hawai’i in this thriving market for events, enhancing our standing as the premier business events management company in the islands,” added Weil-Manuma. “Tatiana, Colleen, and the team have so much to be proud of in their creation of this successful business and we look forward to building our exciting next chapter together.”

“When it was time to consider the future for Island Style Innovations, we knew we wanted to collaborate with a group that aligned with our values and dedication to the personalized service our clients have come to expect over the years,” shared Reyes. “I couldn’t be prouder of what our team has achieved, yet this is just the beginning. And, while Tatiana will be heading off to new pursuits, the team will remain in place, and we look forward to working alongside the outstanding group at PRA Hawai’i. With increased resources and access to a robust network of destination experts nationwide, we are eager to see what the future brings. I extend my gratitude to Tatiana for all her significant contributions to the success of our Hawai’i team through her leadership and valued partnership over the years.”  

PRA (pra.com)
Headquartered in Chicago with teams throughout every major and secondary market in North America, PRA is a leading business event management firm, creating experiences which move hearts, minds, and businesses forward. Through its strategic approach to creative design, production services and destination programs, PRA offers end-to-end integrated service capabilities and solutions aligned with business meetings and events. PRA blends Passion, Reach and Authenticity to consistently deliver incomparable experiences that engage participants and exceed business goals. PRA’s reach runs deep, delivering value to millions of participants for 40 years in every major destination and beyond. For information on our complete portfolio of services, please visit pra.com.

PRA is majority owned by investment funds managed by EagleTree Capital.

About EagleTree Capital: 
EagleTree Capital is a leading New York-based middle-market private equity firm, with $5.3 billion of assets under management, that has completed 45 private equity investments and over 100 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn. 

Media Contact:  Laurie Knapp
Laurie.Knapp@PRA.com
M: +1.312.623.3713

View original content to download multimedia:https://www.prnewswire.com/news-releases/leading-business-events-management-company-pra-acquires-island-style-innovations-in-hawaii-302315087.html

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Michael Baker International Increases Geographic Reach with Fayetteville, Arkansas, Office

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Firm’s third Arkansas location opens in rapidly growing market

PITTSBURGH, Nov. 25, 2024 /PRNewswire/ — Michael Baker International, a global leader in engineering, planning and consulting services, today announced the opening of the firm’s Fayetteville, Arkansas, office.  The office is the firm’s third Arkansas location, joining outposts in Little Rock and Bentonville, and will serve as an extension of Bentonville operations, which has exceeded its existing office capacity due to the high demand for the firm’s urban roadway design and construction inspection services in Northwest Arkansas. The office will be led by Mike Stengel, P.E., Office Executive for Michael Baker’s Bentonville location.

“We are thrilled to expand Michael Baker’s footprint in the fast-growing Northwest Arkansas region. This new location will allow us to better serve statewide clients and accelerate growth in Arkansas,” said Tommy Montgomery, P.E., Southern Regional Director at Michael Baker International. “In opening our third Arkansas office, Michael Baker is reaffirming our commitment to our local clients and community. We look forward to continuing to Make a Difference in Arkansas and beyond.”

The new Fayetteville location enables Michael Baker to better serve the firm’s clients and provides an additional gateway for delivering its full spectrum of services to the Arkansas Department of Transportation (ARDOT) and other public and private clients, including major universities and retailers in the region. Additionally, the new office’s prominent location in a high-traffic area will enhance the firm’s engagement with clients and elevate its visibility as it continues to expand.

Michael Baker was recently named as one of the 2024 Best Places to Work in Arkansas by Arkansas Business Magazine. The new Fayetteville location will accommodate the firm’s growing workforce and provide room for ongoing expansion.

About Michael Baker International
Michael Baker International is a leading provider of engineering and consulting services spanning five distinct Verticals: Infrastructure, Design-Build Services, Federal Programs and Services, Consulting and Technology Solutions (CTS) and Sustainable and Resilient Solutions (SRS). The firm’s Practices encompass all facets of infrastructure, including design and civil engineering for diverse bridge, highway, water, rail and transit and aviation projects, as well as planning, architecture, environmental and construction and program management. For more than 80 years, the company has been a trusted partner to clients, providing comprehensive services and solutions, delivering expertise and quality, and embracing emerging technologies and the latest innovations – like intelligent transportation, engineered models and public safety software as a service (SaaS).

The company has more than 4,900 employees across more than 90 office locations. Michael Baker’s Wolf Pack is committed to Making a Difference for clients and communities through a culture of innovation, collaboration and technological advancement while evolving its business to become a full-service engineering and consulting firm.

To learn more, visit https://mbakerintl.com/.

Contact: Julia Covelli
julia.covelli@mbakerintl.com
(866) 293-4609

View original content to download multimedia:https://www.prnewswire.com/news-releases/michael-baker-international-increases-geographic-reach-with-fayetteville-arkansas-office-302315507.html

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ERIN Launches ‘Sloths for Sloths’ to Fill CEO’s Office with Holiday Toys for Pittsburgh’s Underprivileged Youth

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Employee referral software platform ERIN has announced ‘Sloths for Sloths’ — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis.

PITTSBURGH, Nov. 25, 2024 /PRNewswire-PRWeb/ — Pittsburgh-based employee referral software platform ERIN is getting into the holiday spirit with the launch of Sloths for Sloths — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis. Through an Amazon storefront set up specifically for this purpose, the ERIN team hopes to fill CEO Mike Stafiej’s office with toys for kids of all ages.

“There are two things that people will always support — giving toys to children for the holidays, and Jerome “The Bus” Bettis. At ERIN, we’re supporting a holiday toy drive with The Bus, and trying to fill a bus with toys.” – ERIN CEO Mike Stafiej

“ERIN’s notorious symbol is Sammy the Sloth, so we’ve aptly named this effort after our company’s kid-friendly mascot,” said Stafiej. “It’s our hope that every single underprivileged child in Pittsburgh will be greeted on Christmas morning with a toy that brightens their holiday. We’re proud to be taking initiative on their behalf, and hope for great success so we can continue this new tradition for years to come.”

Since 1997, Bettis and his The Bus Stops Here Foundation have been supporting Pittsburgh’s underprivileged inner-city youth through education, sports, technology and recreational opportunities. ERIN is proud to partner with such a valuable organization this holiday season to bring joy to the city’s youth.

Here’s how the program works:

Order a toy from the company’s Amazon storefront, or select a toy that you know a lucky child will love.Ship it to the ERIN headquarters at 600 River Avenue, Suite 103, Pittsburgh, PA 15212, c/o CEO Mike Stafiej.Email proof of your purchase to marketing@erinapp.com.

For every proof of a toy purchased, ERIN will match with another toy donation of up to $500 and add a stuffed Sammy the Sloth as a bonus gift. The Sloths for Sloths toy drive will end on December 13, after which all donated toys will be delivered to The Bus Stops Here Foundation for delivery to the kids of Pittsburgh.

For additional information, visit https://erinapp.com/toys. To hear more about Sloths for Sloths directly from CEO Mike Stafiej, watch this episode of The HR Morning Show.

Media Contact

Evan White, ERIN, 509.995.9105, ewhite@erinapp.com, https://erinapp.com 

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View original content to download multimedia:https://www.prweb.com/releases/erin-launches-sloths-for-sloths-to-fill-ceos-office-with-holiday-toys-for-pittsburghs-underprivileged-youth-302314940.html

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