How Banks Can Protect Their Data From The Next Cyberattack
Gil Hecht | September 10, 2018
Digitizing our monetary assets works great until it doesn’t. One danger that is perhaps less spoken about but still dangerous is the possibility that bad players can do great harm via that digitization. We all know about ransomware attacks, but what if an international terror group or an enemy nation-state were to do that, but instead of encrypting files and demanding ransom, they would just “delete” all of the organization’s data? The panic and chaos that would ensue, if even one major bank was attacked in such a manner, would be overwhelming. If the attack were launched on several top banks, it could even spell the end of society as we know it. According to Denmark's National Bank, "A cyberattack at a systemically important bank, mortgage bank or central infrastructure company that seriously affects the availability of systems or the integrity of data may rapidly impact on the entire financial system.