{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Cybersecurity in Focus","description":" Cyberthreats are everywhere, and while they may be inevitable, their impact can be manageable. Institutions who are prepared for cybersecurity disruptions are proactive and collaborative about their response. This episode of the Forward Thinking Podcast features FCCS SVP of Marketing and Communications Stephanie Barton, Lisa Parrinello, FCCS VP of Risk Management & Insurance Services and Naomi Baumann, FCCS VP of Claims & Insurance Services. Together they discuss how Farm Credit\u2019s Captive Insurance Company is helping institutions strengthen their cyberdefenses and what boards of directors need to know to stay ahead of the cybersecurity game.    Episode Insights Include:   The bigger picture of cyberthreats Cyberthreats used to be considered an IT-only problem, but that isn\u2019t the case anymore.  These enterprise-wide issues demand board-level attention.  Ransomware, extortion, targeted financial systems and AI deep-fake impersonations are some of today\u2019s biggest cyberthreats.  The goal today isn\u2019t just protection, it\u2019s resilience. A prepared institution can respond and recover from cyberthreats no matter where they hit.    The role of Farm Credit\u2019s Captive Insurance Company As the captive, they provide institutions cyber insurance and management services that go beyond what commercial insurance markets can offer.  They offer tailored protection designed specifically for the unique cooperative structure of Farm Credit.  Collaborative claims management proactively responds to any incident or threat of incident.  Their strategic access to commercial markets allows them to purchase insurance as well.  Over the years, Captive has saved an average of $50 million in insurance coverage.  Consistent system-wide learning whenever instances occur.    Resilience tools and strategies  Resilience requires a multi-layered approach based on assents and security needs.  Threat detection and response pinpoint vulnerability, endpoint detection, and tabletop exercises.  Human-centric risk management and ongoing employee training are critical for cyber risk management.  Employees and people are always going to be the weakest link in cybersecurity.  Data protection and resilience in communications in sensitive information need to be encrypted and backup tested.  Cybersecurity is not an impenetrable armor, it is an anatomy with multiple systems working together to respond and continue operating in a culture of proactive risk management.    The pivotal role of the board  Directors need to prioritize an approved annual cyber risk manual.  Ongoing development and maintenance of a robust program is essential.  Boards should receive quarterly reports on threats, vulnerabilities and mitigation actions.  Cyber oversight needs to be integrated into business technology planning.  FCA should be notified within 36 hours of any cyber incident.    The culture of cybersecurity Institutions build resilience when everyone is involved.  Third party oversight and engagement with cyber-focused legal counsel is crucial.  Most breeches don\u2019t happen in bad systems, they happen when good people let down their guard.  Muscle memory kicks in when crisis hits, but only when preparation has occurred.  Ultimately, cybersecurity is everyone\u2019s business.    This podcast is powered by FCCS.   Resources   Connect with Lisa Parrinello \u2014 Lisa Parrinello   Connect with Naomi Baumann \u2014 Naomi Baumann   Get in touch   info@fccsconsulting.com   \u201cThe goal isn\u2019t just protection \u2013 it\u2019s resilience.\u201d \u2014 Naomi Baumann   \u201cThe Captive provides consistent system-wide learning whenever instances occur.\u201d \u2014  Lisa Parrinello    \u201cHuman-centric risk management and ongoing employee training are critical for cyber risk management.\u201d \u2014 Naomi Baumann   \u201cEmployees and people are always going to be the weakest link in cybersecurity.\u201d \u2014 Naomi Baumann   \u201cEven without a deep technical knowledge, boards can strengthen resilience by asking the right questions and staying engaged.\u201d \u2014  Lisa Parrinello    \u201cInstitutions build resilience when everyone is involved.\u201d \u2014 Naomi Baumann   Resilience is just as much about people as it is about systems.\u201d \u2014 Naomi Baumann ","author_name":"The Forward Thinking Podcast, Powered by FCCS","author_url":"https:\/\/www.fccsconsulting.com\/podcast","html":"