News

CoNetrix Releases the State of Cybersecurity in the Financial Institution Industry Report

On April 24th, CoNetrix released their inaugural report, The State of Cybersecurity in the Financial Institution Industry. In order to understand the industry better, CoNetrix distributed a 44-question survey to individuals of financial institutions. The survey remained open from November 1, 2018 through January 31, 2019. At the end of that timeframe, CoNetrix received 243 completed survey responses.

The State of Cybersecurity in the Financial Institution Industry 2019 Survey Report

A panel of CoNetrix security and compliance experts analyzed the survey data looking for trends and significant results. Through studying and parsing the data, several interesting observations and a few conclusions were identified. Here are a few of the many trends discovered in the report:

  • Only 11% of institutions have a Board member with cybersecurity or IT experience.
  • Of those surveyed, 41% plan to increase their budget for cybersecurity.
  • On average, 18% of an institution's operational budget is dedicated to cybersecurity.
  • A large majority (80%) use the FFIEC Cybersecurity Assessment Tool as their primary method of evaluating cybersecurity maturity.
  • The top 3 incidents experienced in 2018 were social engineering, malware, and accidental security breach by an employee.

To see the full analysis, download the free report: https://conetrix.com/2019-Survey-Report

About the report

Out of 243 respondents, 82% represented banks, 13% represented credit unions, and 4% represented oth

er institutions such as mortgage and trust companies. The asset size of the institutions fell into a bell curve across the spectrum, with 67% representing institutions with assets of $100 Million to $1 Billion: a good representation of community banks.

CoNetrix divided the report information into seven categories:

  1. Board Oversight
  2. ISO Management and Staffing
  3. Budgeting for Cybersecurity
  4. Training
  5. Cybersecurity Tools and Frameworks
  6. Incident Response
  7. Assurance and Testing

One area CoNetrix asked about was the makeup of the Information Security Officer (ISO) role within the institution. Of the individual responses, 74% said the ISO role is one individual person, 12% said ISO is a department with multiple people, 12% said ISO is a committee made up of multiple people from multiple departments, and 2% said ISO is outsourced to a third party.

Why this type of report?

CoNetrix is passionate about technology and cybersecurity, and desires to better understand how they fit within the financial institution industry. No previous research existed specifically for this industry in the realm of cybersecurity. "CoNetrix has a strong desire to better understand the cybersecurity landscape of the industry we serve," explained Brian Whipple, Marketing Manager for CoNetrix. Whipple went on to say, "We feel we are in an ideal position to help provide analysis of this data to better inform key stakeholders within our industry; which, hopefully, will lead to better decision-making and an overall stronger cybersecurity environment."

How to access the report

Access The State of Cybersecurity in the Financial Institution Industry 2019 Survey Report by visiting conetrix.com/2019-Survey-Report and download the report.

About CoNetrix

CoNetrix is a full service computer networking, security, compliance, and software development firm serving financial institutions across the United States. CoNetrix performs over 400 security engagements annually, including IT/GLBA Audits, Penetration Tests, and Vulnerability Assessments. CoNetrix is the creator of Tandem, a simple yet robust online platform for managing information security policies, information security risk assessments, audit findings, third-party vendors, and business continuity planning. Also, CoNetrix provides managed IT services to financial institutions and other security-minded organizations.

 

CoNetrix Wraps Up 9th Annual KEYS Conference

Nearly 200 auditors, bankers, examiners, and credit union professionals gathered in Allen, Texas for the 9th annual CoNetrix KEYS Conference. Designed to provide Knowledge Essential to Your Security (KEYS), the April 2019 event attracted attendees from financial institutions across the United States.

2019 CoNetrix KEYS Conference

The annual CoNetrix KEYS Conference provides a gathering place for users of Tandem software, and offers an educational forum on information security and technology. Attendees were able to engage in sessions covering a variety of hot topics, including mobile device security, cybersecurity, and phishing. They also had the opportunity to receive direct assistance from Tandem experts and information security consultants.

Keynote sessions included: a presentation on the state of cybersecurity in the financial institution industry by Russ Horn, of CoNetrix; a fast-paced interactive session entitled "The Vendor"; and a conversation with examiners, featuring an elite panel of five examiners from the FDIC, OCC, Federal Reserve, NCUA, and Texas Department of Banking.

Tandem Personal Training provided a place for Tandem users to develop their information security programs with the aid of onsite consultants and focused time. The "Tandem Shark Tank" track gave users a forum to talk with developers about the tools and pitch ideas for enhancing the software.

For conference entertainment, attendees enjoyed a night at Pinstack in Allen on the evening of April 11th. Sponsors included Perch and ePay Advisors.

"I absolutely love working with CoNetrix. I get great support from the staff. It's great to know our vendor actually cares about enhancing their tool to help the end user," said an attendee from a $600 million bank in Massachusetts.

"KEYS is always such a positive event, and this year was no different. Our speakers were top notch, and I'd say we have some of the best customers out there. We came home with a lot of great ideas for what resources our customers need and we're excited to get started working on those," said CoNetrix KEYS Conference coordinator, Leticia Saiid.

The FFIEC emphasizes the importance of financial institution staff training and knowledge, especially regarding IT and cybersecurity. The CoNetrix KEYS Conference and others like it are an excellent resource for bank and credit union staff looking to achieve these recommendations and enhance their preparedness for the future of banking.

About Tandem: Tandem helps financial institutions create and maintain a complete program to comply with GLBA and the Interagency Guidelines Establishing Information Security Standards. The simple, yet robust online platform includes efficient integrated modules, sharing information across compliance functions. Modules include Risk Assessment, Policies, Vendor Management, Business Continuity Planning, Identity Theft Prevention Program, Internet Banking Security Program, Audit Management, Social Media Management, Cybersecurity Assessment, and Phishing Simulator. Today, Tandem serves more than 1,400 financial institutions, with over 25,000 active users.

 

CoNetrix Wins KCBD’s Best of the West Computer Repair/ IT [2019]

CoNetrix was voted Best Computer Repair/IT in KCBD's Best of the West 2019 in Lubbock, Texas. Multiple companies around the Lubbock area contended for KCBD's Best of the West designation. Viewers of KCBD News Channel 11 cast their votes through kcbd.com by selecting their favorite company in each Best of the West category.

"We are honored to be named as "Best Computer Repair/IT" for Lubbock and the South Plains region," said Chief Technology Officer of CoNetrix Technology, Rob Garrison. "I view this as recognition of our ongoing commitment to customer service and the quality of our business IT services."

CoNetrix is a "family of technology companies." With roots dating back to 1977, CoNetrix companies include: nQativ, developers of the ActivityHD suite of accounting / business software (ERP) modules; CoNetrix Technology, providers of network consulting, managed services, and Aspire (secure cloud hosting); CoNetrix Security, providers of IT audits, penetration tests, network vulnerability testing, and information security consulting; and Tandem, developers of security and compliance software.

More About CoNetrix IT Services

CoNetrix Technology provides computer network support, IT managed services, and network design and implementation for businesses and financial institutions throughout Texas and New Mexico. With more than 100 years of combined network engineering experience, CoNetrix supports and manages a large variety of technology and security solutions for any business.

To learn more about the IT services provided by CoNetrix Technology, visit https://conetrix.com/technology.

 

CoNetrix Wins Best Workplace and Best IT Services in Lubbock, TX [2018]

CoNetrix was voted the Best Workplace and Best Computer/IT Services company by Lubbock Avalanche-Journal readers. Multiple companies around the Lubbock area participated in the Avalanche-Journal's "Best of Lubbock" campaign, and newspaper readers selected CoNetrix in these two top spots.

"We are honored to be recognized for these awards," said CoNetrix President, Russ Horn.  "It is a humbling experience to get to work with such talented team members."

CoNetrix is a "family of technology companies." With roots dating back to 1977, CoNetrix companies include: nQativ, developers of the ActivityHD suite of accounting / business software (ERP) modules; CoNetrix Technology, providers of network consulting, managed services, and Aspire (secure cloud hosting); CoNetrix Security, providers of IT audits, penetration tests, network vulnerability testing, and information security consulting; and Tandem, developers of security and compliance software.

More About CoNetrix IT Services

CoNetrix Technology provides computer network support, IT managed services, and network design and implementation for businesses and financial institutions throughout Texas and New Mexico. With more than 100 years of combined network engineering experience, CoNetrix supports and manages a large variety of technology and security solutions for any business.

"CoNetrix Technology is proud to receive this award," commented Rob Garrison, Chief Technology Officer of CoNetrix Technology. "As with our entire company, we continually strive to deliver excellent customer service while providing reliable and secure IT solutions for our customers."

To learn more about the IT services provided by CoNetrix Technology, visit https://conetrix.com/technology.

More About Working at CoNetrix

CoNetrix has cultivated a unique culture fostered by a service driven, strategically agile, customer-focused team of remarkable people.

When asked about the company culture, CoNetrix President, Russ Horn said, "Our company is built on the principles of integrity, passion and team spirit."  He went on to say the employees are the reason for the company's success over the years; stating, "It is our amazing team that continues to design and deliver outstanding products and services that provide tangible value to our customers."

To learn more about the career opportunities available at CoNetrix, visit https://conetrix.com/careers.

 

CoNetrix Pledges to Support National Cybersecurity Awareness Month 2018 as a Champion

CoNetrix is excited to become a Champion of National Cybersecurity Awareness Month (NCSAM) 2018. CoNetrix joins in the global effort among businesses, government agencies, colleges and universities, associations, nonprofit organizations and individuals to promote the awareness of online safety and privacy.CoNetrix is an NCSAM 2018 Champion

A multi-layered and far-reaching campaign held annually in October, NCSAM was created as a collaborative effort between government and industry to ensure all digital citizens have the resources needed to stay safer and more secure online while also protecting their personal information. As an official Champion, CoNetrix reinforces their commitment to cybersecurity, online safety, and privacy.

As part of National Cyber Security Awareness Month, CoNetrix will be hosting a complimentary Security Awareness Training (SAT) event on Thursday, October 25th at 2:00 p.m. CDT. Designed for both businesses and individuals, this session will discuss the importance of privacy and protecting personal information and give some tips to help protect your online presence.

For more information about NCSAM 2018, the Champion program and how to participate in a wide variety of activities, visit staysafeonline.org/ncsam. You can also follow and use the official NCSAM hashtag #CyberAware on social media throughout the month.

 

CoNetrix Enters the BankNews 2018 Innovative Solutions Awards

CoNetrix is pleased to announce two candidates for consideration in the BankNews 2018 Innovative Solutions Awards.

The 2018 Innovative Solutions Awards, sponsored by BankNews, recognize companies that have introduced or significantly enhanced products designed to help community banks become more efficient, expand their capabilities and, ultimately, better serve their customers. The Innovative Solutions Awards are presented in five categories:

  • Authentication / Fraud / Cybersecurity Solution
  • Consulting / Outsourcing / Training Solution
  • Digital Banking (Online / Mobile / Tablet) Solution
  • Equipment / Hardware Solution
  • Management / Operations / Processing Solution

Boost Consulting by CoNetrix Security is a candidate for the "Consulting / Outsourcing / Training Solution." Boost Consulting services offer information security knowledge and expertise, along with tools that improve information security processes and controls to reduce the burden of maintaining compliance. Rather than outsource the entire role of an information security officer in a virtual ISO fashion, Boost ISO support services complement the information security capabilities a financial institution already maintains.

Network Threat Protection by CoNetrix Technology is a candidate for the "Authentication / Fraud / Cybersecurity Solution." CoNetrix Network Threat Protection is a Managed Security Service (MSS) solution providing all of the IT security layers for a financial institution. These layers can be implemented individually, but are more effective when used together to provide full protection at a reasonable monthly cost. Layers include: Endpoint Protection, Email Protection, Internet Content Filtering, Dual Factor Authentication, Firewall Monitoring and Management, Intrusion Detection and Prevention, and Security Logging and Reporting.

To read more about the entries, visit https://www.banknews.com/ISAEntries-2018.

Voting begins August 15 and continues until September 28.

To cast your vote, visit BankNews.com or go to https://conetrix.com/vote.

 

 

CoNetrix gears up for the 2018 KEYS Conference

KEYS ConferenceWHAT: The CoNetrix KEYS Conference is an annual event designed to provide Knowledge Essential to Your Security. The program includes educational sessions on Tandem software and information security, an examiner panel with the FDIC, OCC, FRB, NCUA and Texas Department of Banking, a come-and-go Tandem workshop, and module specific Tandem roundtables. The spring forum provides a gathering place for financial institutions to share ideas about information security and discuss potential software enhancements with the CoNetrix staff.

WHEN:  Wednesday, April 4 – Friday April 6, 2018

WHERE: Courtyard Marriott Hotel, Allen, Texas

                          

WHO:   If you work in information security or technology in the financial industry (e.g., bank, credit union, etc.), KEYS is designed just for you.  

 

“We’re excited to bring back favorite sessions like the examiner panel, a key note about the dark web, and a new spin on our interactive session called Tandemonium,” said CoNetrix K.E.Y.S. Conference coordinator, Leticia Saiid.

 

The last day to register for the conference as well as reserve your room at the Courtyard Marriott is Wednesday, March 14.  Don’t miss out, we look forward to seeing you there!

For more information, visit conetrix.com/keys

 

CoNetrix Announces Boost Consulting Services

Boost ConsultingA new boost for the financial industry’s information security culture.

CoNetrix Security has provided information security consulting and compliance services for more than fifteen years. Now, those services have been revised and expanded under the new name of Boost Consulting Services. These services continue to focus on the needs of financial institutions.

Boost Consulting Services include:

  • Boost ISO – Information Security Officer support designed to complement the current capabilities of a financial institution. Various services available include incident response, employee security awareness training, annual report to the Board, security committee consulting, full information security program expertise and assistance.
  • Boost RA – development and maintenance of an Information Security Risk Assessment
  • Boost BCP – development and maintenance of a Business Continuity Plan
  • Boost POL – development and maintenance of an institution’s Information Security Policies
  • Boost VM – assistance with an institution’s vendor management program
  • Boost CAT – consulting and services association with the Cybersecurity Awareness Tool
  • Boost AM – audit and exam management services

As a bonus, Boost Consulting Services utilize the award-winning Tandem Software modules associated with providing the service. While CoNetrix helps develop and maintain the information security program, the customer also gains full access to all data and notifications through a subscription with Tandem. In addition to the software, every Tandem subscription includes training workshops, knowledge bases, unlimited storage, and presentation-ready documents in Microsoft Word or PDF formats.

When asked about Boost Consulting Services, Ed McMurray, Assistant Director of CoNetrix Security, said, “We have offered most of these services for many years as a part of our Information Security Program support. This work has provided invaluable expertise and knowledge. Now, developing the Boost strategy has allowed us to define and organize our services so it will be easier for our customers to get the most value out of the services. We believe Boost will enable us to do even more as we serve the information security needs of financial institutions.”

Boost terminology and branding will begin to appear on the CoNetrix website and documents over the next several months. While the branding is new, the infrastructure is already in place and CoNetrix experts continue to offer exceptional services its customers have come to expect.

 

 

CoNetrix Renews Microsoft Gold Partner

Microsoft LogoCoNetrix, a leader in information security and technology, is pleased to announce it has attained the Gold Application Development and Silver Datacenter competencies from Microsoft. This signifies the 12th straight year for CoNetrix to attained the Microsoft Gold Certified Partner Status. Microsoft Gold Certified Partners represent the highest level of competence and expertise with Microsoft technologies and have the closest working relationship with Microsoft. At this level, CoNetrix has access to the resources and support needed to provide its customers with the highest level of services for Microsoft products and solutions.

To earn Microsoft competencies, organizations must successfully complete a rigorous set of exams and/or assessments to prove their level of technology expertise, submit customer references to attest to their solution’s customers’ satisfaction, certify solutions by having them tested, and meet revenue commitments.

 

CoNetrix Achieves Cisco Premier Partner Status

CoNetrix has met all requirements and has been certified as a Cisco Premier Partner. The Cisco Premier Partner status identifies a company as having the know-how to support and transform customers' hybrid IT, and reflects the company's technology and business expertise to successfully design and deploy specialized Cisco solutions to business customers.