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ABA Endorses CyberScout’s Data Breach Services

ABA Endorses CyberScout’s Data Breach Services
September 20, 2017
Expert: Anonymous

Bank solutions for pre- and post-data breach

WASHINGTON — As high-profile data breaches continue to pose a challenge to private and public sector organizations, the American Bankers Association is endorsing a new tool to help banks stay a step ahead of the growing threat. CyberScout’s DataRiskStages earned the ABA endorsement for its comprehensive pre- and post-data breach services after an extensive review. According to a recent Morning Consult survey, Americans trust banks the most to keep their personal information safe. CyberScout’s new product can further bolster customer confidence in banks.

Before a breach occurs, DataRiskStages helps banks comply with local and national data breach laws, develop incident response plans and offer other staff awareness tools. In a post-breach situation, DataRiskStages provides an assessment of the breach and recommended remediation. The program – available in both packages and a-la-carte pricing – also offers assistance with drafting notification letters, public relations consulting, call handling assistance, and templates for a customer FAQ and other needed documentation. Bank employees gain access to fraud resolution services through the program.

“We’ve heard from banks of all sizes that maintaining customer trust is a top priority,” said Robin Gordon, senior vice president, ABA Endorsed Cybersecurity Solutions. “Our goal with this endorsement is to provide a thorough evaluation for our members and deliver a solution that complements banks’ existing fraud initiatives by protecting and educating what matters most, their customers.”

As part of ABA’s standard due diligence process, ABA experts, with help from Cornerstone Advisors, evaluated seven companies that offer data breach services. ABA’s team selected CyberScout’s DataRiskStages because it offers a comprehensive, effective, and affordable data security program that is highly accessible to community banks.

“We are honored by the ABA’s confidence in CyberScout,” said Adam Levin, chairman of CyberScout. "Financial institutions are attractive targets for cyber criminals, and the recent Equifax breach offers a cautionary tale. Banks must stitch privacy and data security into the fabric of their corporate culture in order to vigilantly protect customer data. If protections fail, the institution must respond urgently, transparently and with empathy to keep customers’ trust and protect the bank’s reputation."

CyberScout was founded in 2003 by Adam Levin, a consumer advocate, author and former Director of the New Jersey Division of Consumer Affairs, a division of the New Jersey Department of Law and Public Safety. More than 60 banks – from a $150 million institution to a $70 billion institution – have implemented the firm’s services in the last three years.

ABA members interested in learning more about CyberScout’s DataRiskStages can join a webinar on Oct. 25 at 2 p.m. ET. To register for the webinar visit: http://abameet.adobeconnect.com/cyberscout/event/event_info.html  For more information about ABA’s endorsement of DataRiskStages, visit: https://www.aba.com/Products/Endorsed/Pages/cyberscout.aspx

The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.

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