Choosing a bank means more than just giving it money. Consumers must trust the institution to protect not only their financial assets, but also keep their Social Security numbers, passwords, dates of birth, and other sensitive data away from hackers. And now, trusting the bank means trusting its third-party vendors as well.didn’t come through the companies’ own servers—they resulted from a vulnerability at a service provider, Infosys McCamish Systems.
Despite the rules’ clear benefits, Randal Milch, professor of practice at New York University Law and co-chair of the NYU Center for Cybersecurity, says they might also have a downside. They could make scapegoats of companies’ chief information security officers. A.J. Grotto, an advisor to both the Obama and Trump White Houses on cybersecurity policy, says that in an environment where nation-states see virtual bank robbery as a way to“The North Koreans have gone after other banks,” says Grotto, now a research fellow at Stanford University Cyber Policy Center. “They’ve gone after cryptocurrency exchanges and wallets. Their desire is just to raise hard cash.
“The business email compromise attacks can become, and have become, much more convincing in the specific context of what a recipient might expect to get from a known business partner,” Doughty says.
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