Cyber Security: A Shared Responsibility

Unfortunately, no one is completely immune to cyber-attacks, hacking, or online fraud. The Internet is a vibrant information superhighway that has transformed our personal and economic way of life, but it remains a fragile system with security gaps that criminals exploit. A 2014 study by the security software maker McAfee showed that cyber-crime costs the global economy $445 billion annually.

Cyber security is a combination of technologies, processes and practices to protect networks, computers, and data from attack, damage or unauthorized access. More and more, cyber security is a shared responsibility: citizens, large and small businesses, financial institutions, law enforcement, and anyone who uses the Internet must do their part to implement these measures and help foster a secure online experience.

WHAT ARE WE DOING?

At City National Bank, we use advanced security software and web-based services to protect confidential data and defend against online threats including phishing, malware, account takeovers, and more. These tools help City National to detect and stop hackers and malware before they can enter the bank’s information network.

In addition, City National offers cyber security tools to business clients free of charge. To learn what tools are available and how they can help protect your business, contact your Relationship Manager.

WHAT CAN BUSINESSES DO?    

There are many actions you can take to protect your business. Among them:

  • Create a cyber incident response plan. This may include, but is not limited to, running simulated data security breaches; deciding who will respond to a breach, and their roles; developing a communication plan.
  • Consider cyber insurance. In the unlikely event of a data breach, this specialized and increasingly popular form of insurance may help mitigate financial and other damages.
  • Use Positive Pay. Offered by City National Bank, Positive Pay is an effective tool against check fraud.
  • Keep contact info updated for all vendors and clients, so they can be contacted quickly in the event of an incident.
  • Budget for cyber security measures. The cost of taking no action could be much higher.   
  • Reconcile account activity for bank and credit card accounts in a timely manner.

For questions and more information about cyber security and your business, contact your Relationship Manager.

WHAT CAN INDIVIDUALS DO?

Browse City National Bank’s Fraud Prevention Center for detailed information and resources on: