Asking for a Friend - I’ve heard a lot about Russian Cyber Attacks - should I be pulling money out of the bank just in case?

March 7, 2022

Q. I’ve heard a lot about Russian Cyber Attacks - should I be pulling money out of the bank just in case?

A. We think it is always good to have a little cash on hand in case of an emergency, but we don’t think you should be pulling any more than normal out of the bank. We understand that this may be a concern given the news.

Banks and credit unions have to have business continuity plans (just like our firm does) and they have to know how to react should their institution have an incident. This includes a plan to get their customers their money. If you are concerned about your bank, ask them about their contingency and continuity plan and how you would access your money if their systems were indeed a victim. By the way, we ask all our vendors to provide us with their business contingency and continuity plan.

We think it is more important to be vigilant on your end with cybersecurity - our vendor, TrueNorth, has provided “18 Things to make your remote work secure, convenient, and stress free.” We think these are great tips for everyone to follow at any time.