News

ABA endorses data breach service

September 26, 2017

In the wake of the massive Equifax data breach, the American Bankers Association has announced its endorsement of a new tool to help banks combat cyberthreats.

DataRiskStages by CyberScout was selected following an ABA review of seven data breach services. The solution offers a comprehensive, effective and affordable data security program that is highly accessible to community banks, an ABA press release said.

Before a breach occurs, DataRiskStages helps banks comply with local and national data breach laws and develop incident response plans and, additionally, offers staff awareness tools.

In a post-breach situation, the service provides an assessment of the breach and recommended remediation steps, as well as help with notification letters, public relations consulting, call handling and more, the release said.

"We've heard from banks of all sizes that maintaining customer trust is a top priority," Robin Gordon, SVP of ABA endorsed cybersecurity solutions, said in the release. "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." 

CyberScout was founded in 2003 by Adam Levin, a consumer advocate, author and former director of the New Jersey Division of Consumer Affairs. More than 60 banks with assets ranging from a $150 million to $70 billion have implemented the firm's services in the last three years, the release said. 

According to a recent Morning Consult survey, Americans trust banks the most to keep their personal information safe.