Protecting Yourself Against Cyber Crime

July 24, 2019: At Allegiance Bank, we believe in making a difference together. When it comes to information security and mitigating online risk, helping protect our customers is a top priority. Earlier this week, we hosted a breakfast and panel discussion focused on cyber risk and security. 

Led by James Morrison, a computer scientist with the Federal Bureau of Investigation (FBI) and Jon Villanti, Allegiance Bank’s vice president of Information Security, the event armed Allegiance Bank customers with information to protect themselves. 

Here are some key takeaways and resources from the event.  


Facts and Figures

  • Per the Commission on the Theft of American Property, the annual costs from intellectual property loss ranges from $225-600 billion.
  • A cyber attack resulting in downtime is more costly for small businesses, who lose an average of $763 versus an average of $470 for large companies.
  • According to the Better Business Bureau, the overall annual loss for small businesses was estimated at nearly $80,000.
  • If cyber crime were a country, it would have the 13th highest GDP in the world.
  • As stated by a Bromium-commissioned study, cyber crime generates $1.5 trillion per year.
  • Cyber security is the greatest challenge for mid-market companies, as they face a similar rate of attack as larger businesses, but with fewer employees to spread the cost of the security infrastructure.
  • When a multi-national or global company is attacked, per the Ponemon Institute, the average cost for small businesses to clean up after being hacked is about $690,000


Resources Available To You
Once you discover that you have become a victim of cyber crime, immediately notify your local authorities to file a complaint. Keep and record all evidence of the incident and its suspected source. Below is a list of the government organizations that you can file a complaint with if you are a victim of cyber crime.

  • US-CERT.gov: Report computer or network vulnerabilities to US-CERT via the hotline (1-888-282-0870) or the website (www.us-cert.gov). To report phishing attempts to US-CERT, forward phishing emails or websites to US-CERT at phishing-report@us-cert.gov.
  • FTC.gov: Report fraud to the Federal Trade Commission at www.ftc.gov/complaint, if applicable. Report identity theft at www.IdentityTheft.gov, the government’s free, one-stop resource to help you report and recover from identity theft.
  • IC3.gov: If you are a victim of online crime, file a complaint with the Internet Crime Compliant Center (IC3) at www.ic3.gov. IC3 is a partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C).
  • SSA.gov: If you believe someone is using your Social Security number, contact the Social Security Administration’s (SSA) fraud hotline at 1-800-269-0271. For additional resources, visit the SSA at http://oig.ssa.gov/report-fraud-waste-or-abuse.


Additional Resources

  • Center For Internet Security’s Top 20 Critical Security Controls: https://www.cisecurity.org/controls
  • NSA Top 10 Mitigation Strategies: https://apps.nsa.gov/iaarchive/library/ia-guidance/security-tips/nsas-top-ten-cybersecurity-mitigation-strategies.cfm
  • DHS CyberCrime Complaint Tip Card: https://www.dhs.gov/sites/defaultfiles/publications/Reporting%20a%20Cybercrime%20Complaint_0.pdf
  • Australian Signals Directorate Essential Eight Security Controls: https://www.cyber.gov.au/publications/essential-eight-explained