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Idea from Austin Mitchell

Title

Small Banks and FinTechs: National Cybersecurity's Front Line

Summary

Cybercrime is bigger than ever. Hackers know that big banks can afford best-in-class security (BofA spends $1 billion per year on security alone), so they're starting to target small banks and FinTechs. These organizations are quickly becoming the front line for US cybersecurity. As attacks increase, only banks and FinTechs that commit to pooling cybersecurity data and resources (through FS-ISAC, for example) will be able to guarantee solvency and stability in the long-term.

Author

Austin Mitchell

Links

  • https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823296
  • https://www.fsisac.com/
  • https://www2.deloitte.com/lk/en/pages/financial-services/articles/transforming-cybersecurity.html
  • 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