Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

19.  Commitments and Contingencies

CTBI and our subsidiaries, and from time to time, our officers, are named defendants in legal actions arising from ordinary business activities.  Management, after consultation with legal counsel, believes any pending actions at December 31, 2023 are without merit or that the ultimate liability, if any, will not materially affect our consolidated financial position or results of operations.

On May 31, 2023, Progress Software Corporation published information related to a vulnerability in its software tool MOVEit Transfer (“MOVEit”).  CTBI does not use MOVEit on its internal networks.  However, on Wednesday, August 9, 2023, CTBI received written notice from a third party prominent financial institution vendor that certain of CTBI’s customer data was potentially accessed due to the vendor’s utilization of MOVEit in its service offering to CTBI.  Based on the investigation to date, including information provided from the vendor, CTBI’s customers could have had personal information copied through the cyberattack.  The vendor confirmed that it implemented the recommended patches released by Progress Software Corporation for the MOVEit platform.  CTBI worked with the vendor to determine the potentially impacted customers and the extent of information potentially exposed, and CTBI is notifying potentially affected customers appropriately.  The incident did not impact the ongoing operations of CTBI, and CTBI carries cyber insurance which it expects to cover many of the costs related to the incident.