In recognition of Cybersecurity Awareness Month in October, Minnesota Lakes Bank and the Independent Community Bankers of America (ICBA) are reminding customers of practical steps to help safeguard their sensitive data and shield against losses in the event of a data breach or compromise.

“In today’s environment, cyber and data security requires constant vigilance,” said Noah Wilcox, CEO at Minnesota Lakes Bank. “This can feel like a daunting task, but by creating a culture of cyber and data preparedness, we can help thwart emerging threats.”

Since May 2020, 81 percent of organizations worldwide have experienced an increase in email phishing attacks. According to the FBI, phishing was the most prevalent threat in the U.S., with more than 323,000 victims in 2021.

Minnesota Lakes Bank and ICBA encourage consumers to take the following proactive measures to protect their financial data and quickly recover in the event of a breach.

Minnesota Lakes Bank uses sophisticated technology and monitoring techniques, intricate firewalls and other methods to secure customer data. Additionally, we practice stringent privacy policies and train employees to treat confidential information with the upmost of care, meeting or exceeding federal and state mandates. But consumers can also take proactive steps to thwart cyber attacks by following these steps to:

Reduce Your Risk

• Restricting use of public wi-fi and computers, which may be convenient but are not as secure. If you do make purchases away from your home or work network, use a virtual private network or mobile hotspot.
• Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username or password, even if they appear to originate from your bank, government agencies or officials or companies with which you have a relationship.
• Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
• Monitoring account activity—Carefully review bank statements and card transactions and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
• Protecting each account with a unique, complex password that is at least 12 characters long – and use a password manager. Use multifactor authentication for any account that allows it.

Respond to a Data Breach

• Consider a security freeze on your credit report to restrict access to your credit file.
• Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
• Shred documents with personal or sensitive information and change your passwords.
• Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

Learn more about how to protect your digital life during Cybersecurity Awareness Month by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.