EVANSVILLE, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) -- In recognition of Data Privacy Week, First Federal Savings Bank and the Independent Community Bankers of America® (ICBA) are reminding customers to take steps to safeguard their sensitive data and shield against financial losses in the event of a compromise or data breach. The global average cost of a data breach in 2024 was $4.88 million, a 10 percent increase over 2023 and the highest ever recorded.
“While there’s no fool-proof method to safeguard sensitive data, at First Federal Savings Bank, we believe that an important step in the fight against such attacks is arming customers with the proper protocols to reduce their exposure,” said Christy McBride, Chief Operations Officer & Information Security Officer, EVP. “As a community bank, First Federal Savings Bank uses sophisticated technology and monitoring techniques, intricate firewalls, and other methods to secure customer data. Additionally, we maintain stringent privacy policies and educate employees to treat confidential information with the utmost care.”
Reducing Your Risk
As a consumer you also can help minimize your risk by:
- Restricting use of public wi-fi and computers—These networks may be convenient but are not as secure. If you make purchases while away from your home or work network, use a virtual private network or mobile hotspot.
- Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username, or password, even if they appear to originate from your bank, government agencies or officials, or companies with which you have a relationship.
- Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
- Monitoring account activity—Carefully review bank statements, card transactions, and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
- Protecting each account with a unique, complex password—Use numbers and symbols at least 12 characters long along with using a password manager. Use multifactor authentication for accounts that allow it.
Responding to a Data Breach
In the unfortunate event of a data breach, to minimize your risk:
- Consider a security freeze on your credit report to restrict credit file access.
- Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
- Shred documents with personal or sensitive information and change your passwords.
- Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.
Learn more about how to protect your digital life by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.
About First Federal Savings Bank Member FDIC
First Federal Savings Bank was established on Evansville, Indiana's Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.
