DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS DIVISION OF FINANCIAL INSTITUTIONS

DAVID Y. IGE GOVERNOR

CATHERINE P. AWAKUNI COLÓN DIRECTOR

IRIS K. IKEDA COMMISSIONER OF FINANCIAL INSTITUTIONS

FOR IMMEDIATE RELEASE October 8, 2020

Self-Assessment Tool Available for Banks to Battle Ransomware

HONOLULU — The Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI) is providing Hawaii banks with a tool to thwart ransomware.

Ransomware is the top cybersecurity threat today with incidents in the news almost daily. Industry members and government officials created the Ransomware Self-Assessment Tool (R-SAT) to assist banks in mitigating this risk. The R-SAT is a brief questionnaire that walks through key measures to protect a bank and to communicate and discuss with the bank’s board of directors the measures the bank has taken.

“The R-SAT was developed by a national task force of community bank CEOs in partnership with the Conference of State Bank Supervisors and the U.S. Secret Service. It was specifically developed to address the unique needs of community financial institutions,” said Commissioner of Financial Institutions, Iris Ikeda. “I think community banks will find this is a very helpful resource and I encourage our banks to complete the tool as soon as possible, as ransomware threats continue to escalate and expand.”

Due to the increased use of Ransomware by adversaries and the severe impact it can have on the community banking industry, bank regulators are working with the U.S. Department of the Treasury to schedule tabletop exercises in the coming months for bank CEOs and a member of their technical staff.

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Media Contact:

Jayson Horiuchi Communications Officer Department of Commerce and Consumer Affairs Email: [email protected]

Phone: (808) 586-7582