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Cybercrime Becoming Banking's Biggest Worry

November 14th, 2017

cybersecurityBad credit used to be the biggest worry for banking executives. Now, cybercrime is rapidly overtaking it.

At a roundtable discussion at a conference in New York last week, executives from some of the nation's largest banks said that in the wake of the summer's massive Equifax hack, their fears of a security breach at their institution have intensified.

U.S. Bancorp CEO Andy Cecere was quoted by American Banker as saying, “We have been taught as bankers, the No. 1 risk in banking is credit. I think cyber is closely approaching that.”

It's no longer just the attempts to penetrate their networks, that is worrying the executives, the fears now are how to verify the identity of customers and especially those seeking to open new, online accounts.

Wells Fargo's CEO Tim Sloan explained that with the Equifax breach massive amounts of data on individuals was exposed. “The new cyber threat to deal with — which we’ve never dealt with before — is how do we ensure that the information from our customers is really accurate? Is it really our customers?”

Roundtable participants agreed that collective action by the banking industry was needed to safeguard its customers and protect the data it has on individuals and businesses.

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