Banking
that we all do because our customers want to know that their transac- tions are secure. But it was a big investment and a big challenge for us.
Shook: We’ve just spent half of our last monthly board meet- ing talking about cyber risks. T e regulatory regime is trying to catch up to where the cyber world is right now … It’s not an “if,” it’s a “when” type of situ- ation [as far as the possibility that a cy- bersecurity attack will occur] … Where we run into the bigger problem is the rest of the world that doesn’t follow the same set of rules that we follow … You go back to the Target [breach] scenario. [T e hackers] came in through the computer system that drove the HVAC system and then got into the client data. T en [the banks] ended up covering [all the losses] for everybody. Congress needs to wake up and get something moving on the cy-
Beale
bersecurity so it just doesn’t leave us holding the bag.
Beale: Most of us in here, at least we do, pay profes- sional hackers to try to not only penetrate us externally but, in sort of the Sony sce- nario, [fi nd out if ] they can get into the building and if they can get in the building, can they access data? T at’s an interesting way to fi nd out where your vulner-
abilities are … I would say, depend-
ing upon the size of the bank, we’re all invest- ing somewhere between hundreds of thousands to millions to make sure that we’ve got every piece of it as buttoned down as we can. Probably the main reason nobody in this group has been breached is that we’re all fairly small
C&F Bank will be on the road this summer.
Still
banks, and we’re not known by some of the actors that would be trying to go after the bigger banks.
Still: I think banks in general for a long time have been data-security focused. T at’s helped the banking industry, but it does present problems with vendor management. When we start doing business with other vendors, like the core processors, we have to make extra sure that they are very compliant and that cybersecurity is something that they take very seriously. We get reviewed by the regulators for vendor- management practices. Training is another thing. We constantly keep our employees trained and test them to see if they know not to open certain emails. We try to have some- thing for our board meetings to keep our board members trained as well.
C&F Financial Corporation, the parent company of C&F Bank, has served Virginians for more than 85 years, providing a wide range of financial services to local businesses and families. The company is known as one the oldest community banks in Virginia, while also being recognized as one of the premier community banks in the country.
In a time when many financial institutions are being acquired and merged, C&F Bank continues to thrive. The company is large enough to stand on its own, but small enough to know its customers by name. Over the years, C&F Bank has proven that the keys to success are outstanding service and offering quality financial products. If you’re ready for a change and to experience this type of service, give your local C&F Bank branch a call today.
C&F Bank will be visiting local schools, small businesses and non- profit organizations thanking them for all they do in our community to make our area a great place to live.
www.cffc.com 800.296.6246
Citizens and Farmers Bank Member FDIC,
Equal Housing Lender Focused on You Since 1927
As we continue to grow, we stay committed to carry on our community banking heritage in each community we serve providing a wide range of financial services.
28 AUGUST 2016
In an effort to increase awareness of local schools, small businesses, and non-profit organizations, C&F Bank has launched a summer Facebook contest called, #GREENontheSCENE2016. The contest will take place each week during August and September. To participate, visit the company’s Facebook page www.facebook. com/CandFBank weekly and look for information about the contest. Anyone who enters the contest will have the chance to win $50 each week and will also be registered for a $500 grand prize at the end of the summer.
Photos by Jay Paul
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