2023 Community Bank Case Study Competition Journal

FIRST PLACE: The University of Tennessee at Martin

In the last five years, CBTC realized the need to meet the growing concerns for cyberattacks and digital threats that endanger the bank and its clients. CBTC has recently upgraded its endpoint detection and response (EDR) security by adopting the next-generation antivirus, CrowdStrike Falcon. CrowdStrike was named a leader in the 2022 Gartner Magic Quadrant for Endpoint Protection Platforms, and CBTC adopted CrowdStrike to be its EDR vendor because adding CrowdStrike now allows the bank to take a more proactive approach to protecting the bank and its clients. Traditional antivirus programs only allowed the bank to identify where malware attacks could occur; however, with CrowdStrike’s higher level of security, CBTC can identify malware, monitor for malware attacks, and receive remediation in the event of a security breach, allowing the bank to take a more proactive approach to security. Another program CITO Freschi initiated to improve the security of the bank and train the bank’s employees was through CBTC’s phishing testing and training program. CITO Freschi explained, “The phishing testing and training program is essential given the ever-evolving threat landscape. By continually training and testing employees, we expose them to scenarios that may come up in the real world and test their readiness to deal with threat actors.” After starting the program five years ago, the bank’s employees are better trained to combat cyber attacks, and the bank continues to find security gaps that are continuously addressed. As a result of Freschi’s initiative to upgrade CBTC’s security, improvements including the phishing

To grow, learn, and remain competitive, CBTC is regularly examined.

protection program and enhanced endpoint detection and response are dynamic examples of the significant role security plays in CBTC’s protecting its operations and clients (Freschi, personal communication, April 15, 2023). Examinations Since the Pandemic To grow, learn, and remain competitive, CBTC is regularly examined. After facing the changes of the pandemic, the executive team at CBTC realized the importance of on-site examinations and creation of relationships between the bank’s team and the examiners. No matter the form of examination, CBTC prefers to have in person examinations due to their educational and meaningful interactions with examiners (Davis & Freschi, personal communication, March 21, 2023). Though CBTC has had and can receive remote examinations, the executive team at CBTC believes these examinations are less beneficial for improving the bank. Using Technology to Drive Profitability Implementing new technology produces many benefits for banks, including the ability to improve profitability, and for CBTC, improving profitability starts with attracting

21