Community Banks: a Hacker’s Dream
I came across this article with real-life examples a day before seeing Eastern Bank’s retiring CEO appear in a TV commercial about the impact of data breaches and identity theft on community banks and their customers. The timing is not coincidental: smaller banks are struggling to keep up with the technology needed to stay one step ahead of cybercrime, and criminals recognize easy targets when they see them. Although industry groups have formed a united front against cybercrime, community banks are still less likely to have the sophisticated tools to prevent and react to it, and more likely to have customers who may be slow to recognize and mitigate a breach. As a result, community banks represent the best possible scenario for hackers.
This commentary represents the unique views of Chris Johnson, Senior Manager in Marcum LLP’s Financial Industry Group and is not representative of Marcum LLP, its partners or its employees.