Cyber Risk and Community Banks

A Q&A with Brian Schaeffer of OceanFirst Bank N.A.

It’s a given that cyber attackers will target financial institutions but community banks and credit unions may be more vulnerable, with fewer resources to devote to security and the assumption, among perpetrators, that they’re an easier mark. I spoke to Brian Schaeffer, Chief Information Security Officer of OceanFirst Bank, a $7.4 billion asset Bank based in New Jersey, about the current risk landscape for smaller financial institutions and how they can best prepare to face off against these threats.

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The MIE Breach: Business Associates and Data Security Risks

A Q&A with J.T. Malatesta of Maynard Cooper & Gale
Medical Informatics Engineering and subsidiary NoMoreClipboard revealed a breach last month affecting up to 3.9 million Americans which has now resulted in a series of class action lawsuits on behalf of victims. The incident is causing headaches for risk managers in the healthcare sector, including their cyber liability insurers. This event underscores how a catastrophic breach for one dominant service provider (in this case, Medical Informatics Engineering, the software company that provides the NoMoreClipboard service) can create a domino effect that impacts multiple organizations. Many insurers are also rightfully concerned about aggregated risk, since they could have multiple insureds and claims stemming from a single event such as this one. I spoke with J.T. Malatesta, chair of the cybersecurity practice of Maynard Cooper & Gale, about the implications of this event and how organizations can better prepare for vendor breaches.

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