Session Description

Cybersecurity Risks & Threats to Small & Mid-sized Financial Services Firms

Tuesday, November 18

2:45 p.m. to 4:00 a.m.

As cyber threats grow in scale and sophistication, Boards of Directors play a vital role in overseeing cyber risk management and fostering a culture of resilience. This session will give Board members a clear understanding of how the Farm Credit Captive Insurance Company provides tailored cyber coverage and support to Farm Credit institutions.

Attendees will learn how FCCS, as attorney-in-fact for the Captive, designs customized cyber policies, manages claims, and delivers risk management services. The session will highlight practical steps Boards can take to strengthen cyber readiness, such as incident response plan testing, tabletop exercises, and engaging cyber-focused legal counsel. It will also explore a new option FCCS has identified to support borrower cyber protection.

Finally, the discussion will cover emerging threats like ransomware, social engineering, and deepfake fraud, along with key oversight strategies to keep Boards proactive and effective in today’s evolving cyber landscape.

Learner Outcomes:

1. Differentiate between the Captive and commercial cyber insurance coverages available to Farm Credit institutions, and explain how each supports institutional cyber risk management strategies.
2. Identify key Board-level responsibilities for enhancing cyber resilience, including participation in incident response planning, facilitation of tabletop exercises, and engagement with pre-approved, cyber-focused legal counsel.
3. Understand the features and benefits of a new cyber coverage option for borrowers and evaluate how it aligns with the broader strategy for managing cyber risk across the Farm Credit System.
4. Describe emerging cyber threats such as ransomware and deepfakes and explain how Boards can remain informed and support institution-wide strategies for mitigating these risks.