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Arkansas State Bank Department

The mission of ASBD is to maintain a legal and regulatory structure for Arkansas's financial industry. This structure provides the public with convenient, safe and competitive banking, which fosters economic development within this State. Our mission is accomplished through efficient allocation of available human and other resources existing in our Examination, Information Technology and Administrative Services Divisions.

October is Cybersecurity Awareness Month

Oct 4th, 2021

Cybersecurity Awareness Month is observed annually each October to encourage consumers and businesses to take steps to protect themselves from cyberattacks.  Below are a few points I believe are important to share with each Arkansas bank:

  • The theme of Cybersecurity Awareness Month 2021 is Focusing on the Fundamentals.
  • While many believe that most cybersecurity breaches are the act of sophisticated hackers and foreign agents, most successful cyberattacks are because of a failure to follow well-established cybersecurity practices. To ensure your institution is following these best practices, we encourage you to take the steps to collaborate with your regulators and your peers.
  • Your institution and Arkansas are not an island. Cyber threats do not stop at state or national borders and they cross all infrastructures. We must collaborate and share information. To help you better collaborate and focus on the fundamentals, we recommend you follow this three-step process now to get your organization started:

1.    Select a specific industry recognized cybersecurity framework(s), for example NIST Cybersecurity Framework, FFIEC Cybersecurity Assessment Tool, or the Center for Internet Security Controls.

2.    Adopt a budget for meeting your cybersecurity strategy within a reasonable time period.

3.    Hire an audit firm to review the implementation of your framework and work to exceed the minimum regulatory guidelines.

“Do Your Part. #BeCyberSmart.”

 

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The Great Seal of Arkansas

The State Bank Department was created by Act 113 of 1913. The Department is charged with regulating commercial banks with main offices in Arkansas. These 73 banks hold assets of over $132.4 billion as of June 30, 2021. The Department also is charged with supervising the bank holding companies of Arkansas state-chartered banks; state-chartered trust companies; regional and county industrial development corporations; industrial loan institutions; and capital development companies. The Department operates to ensure the safety and soundness of, and public confidence in, these institutions and organizations.


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