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Idea from Austin Mitchell

Title

For Small Banks, Cyberattacks Carry Long-Term Consequences

Summary

I found a compelling research article that shows how small banks receive fewer mortgage applications after suffering cyberattacks, yet on average, approve the same number of mortgages as before. This must mean that banks lower their credit standards and take on riskier customers. I'd like to use this research as the starting point for exploring the long-term after effects of cybercrime on small banks. I'll conclude with a series of best practices for mitigating cyber risk for small banks.

Author

Austin Mitchell

Keywords

  • Cybersecurity for small banks
  • mortgage risk for small banks
  • cyberattacks on small banks
  • small bank reputation
  • local bank reputation
  • Links

  • https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823296
  • https://www.cigionline.org/articles/mitigating-cyber-risk-across-financial-sector
  • https://www.globalbankingandfinance.com/three-practical-things-financial-services-can-do-to-stay-protected/
  • https://www.finextra.com/blogposting/20157/top-3-cyber-risks-for-banking-amp-financial-services-in-2021