It’s been a year now since the Target breach, and the frequency of data breaches continues to quicken while the stakes are getting higher and higher for banks.
“If you look at fraudsters, the pool of activities they are perpetrating is getting bigger and bigger, and it's getting close to commercial banking,” David O’Connell, senior analyst at Aite Group’s wholesale banking team, said during a panel discussion yesterday hosted by InformationWeek Financial Services and sponsored by Dell Financial Services.
“I think we’re getting close to a major breach at a commercial bank,” O’Connell observed. With commercial banking services like wire transfers becoming banks’ most profitable business, such an attack would cause major harm for an institution.
Commercial banking organizations are particularly vulnerable right now compared to retail banking ones, as many providers of security and fraud prevention solutions haven’t repurposed their retail banking solutions for the commercial side, O’Connell said.
Plus there are powerful actors with huge resources that may look to attack banks without any aim of financial gain to begin with, Ben Feinstein, director, development and operations, Dell SecureWorks Counter Threat Unit, added during the panel discussion: “That’s really the great fear -- that a sovereign actor could burrow into our infrastructure and hurt us at a certain time.”
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Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio