Cybersecurity Essentials for Community Banks: A 4 part series from Acumen Technology’s interview with Tommy Rainbolt of Acumen Technology
CEO of Acumen Technology Sonny Clark sits down for a conversation with Acumen’s vCISO Tommy Rainbolt to discuss Cybersecurity and community banks. Each post in this four-part series offers community banks an in-depth look at cybersecurity best practices, from resilience and budgeting to incident response and culture-building. Continuing our 4 part series, Part 2 highlights ways to utilize a limited budget with tools available.
Part 2: Making Every Dollar Count—Prioritizing Cybersecurity on a Limited Budget
Sonny – Community banks often have limited budgets for cybersecurity. What’s your recommendation for making the most of that budget?
Tommy – Sonny, the key to effective cybersecurity on a budget is being a good steward of what you already have. Many community banks think they need to buy new tools constantly, but often, they can make big improvements without high costs. Start by focusing on areas like access control and data protection, which don’t necessarily require expensive tools but can offer substantial protection.
Sonny – What are some specific low-cost solutions you recommend?
Tommy – There are actually a lot of great, low-cost options out there. For example, implementing multi-factor authentication (MFA) is essential and often free or inexpensive. Another good one is endpoint protection tools, which can be relatively affordable and still effective.
Frameworks like NIST and guidelines from FFIEC can help banks decide on their most critical security needs. NIST’s framework, for example, can guide banks to focus on foundational elements, like securing access to systems and monitoring critical assets. And tools like Microsoft’s security features can be quite powerful even at a basic level.
Sonny – Do you see any risks in banks relying too heavily on low-cost solutions?
Tommy – The risk comes in not using what you already have to its full potential. Often, community banks have licenses for tools they aren’t fully utilizing, so you want to make sure you’re getting full value from your current investments before buying something new.
Another thing banks can do is plan ahead. For instance, instead of purchasing everything at once, create a three-year security plan that aligns with your bank’s risk profile. This allows you to prioritize needs over time, tackle the most urgent issues first, and spread out expenses in a way that makes sense. A multi-year strategy can actually strengthen your position with regulators because it shows that you’re continuously improving.
Sonny – How does this approach fit with regulatory expectations, like FFIEC?
Tommy – FFIEC and NIST frameworks both emphasize the importance of proactive security measures, and they understand that smaller banks have budget constraints. A well-thought-out security plan—one that maximizes your current resources and includes a plan for gradual improvements—shows regulators that you’re committed to managing risk responsibly.
Sonny – Thanks, Tommy. Any final tips on budget-friendly cybersecurity?
Tommy – Absolutely. Think strategically and make the most of your tools. Community banks don’t need to break the bank to have strong cybersecurity, but they do need a smart, proactive plan.
