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Are Banks in Trouble? Financial Cyber Threats

Posted: April 20, 2017 to Cybersecurity.

Tags: Data Breach, Compliance, Malware

With rising concerns over troubled financial institutions, many people may decide that burying their money in the desert a la Heisenberg might be a more practical solution than trusting their bank.  However, it might not be time - not just yet, anyway. Regardless of the many bankruptcies, takeovers, and mergers, most of our banks are still secure.  WaMu and Wachovia were the exceptions to the rule. In fact, banks are required to set aside a certain amount of funds to even be FDIC insured; the total amount in reserve is nearing record highs of over $1.5 trillion. With the news that there are over 100 banks on the FDIC’s “Troubled Banks” list, keep in mind that there are nearly 9,000 well-established banks in the United States, and if the majority begin to fail, humanity will probably have a lot more to worry about than just their savings.  Media likes to highlight drama, not normalcy. In the past 25 years, less than 15% of banks who were on this list actually failed - and those that failed were either bought out by the FDIC or another banking institution, or closed. This type of news can also be troubling for not just banking customers, but employees, as well.  Without good employees, even the best banks can fail.  So it is important that financial institutions also make their employees feel secure.  Otherwise, it could be a “Chicken Little” type of chain reaction.  Scared employees can scare off scared customers, if not properly informed.    

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About the Author

Craig Petronella, CEO and Founder of Petronella Technology Group
CEO, Founder & AI Architect, Petronella Technology Group

Craig Petronella founded Petronella Technology Group in 2002 and has spent more than 30 years working at the intersection of cybersecurity, AI, compliance, and digital forensics. He holds the CMMC Registered Practitioner credential (RP-1372) issued by the Cyber AB, is an NC Licensed Digital Forensics Examiner (License #604180-DFE), and completed MIT Professional Education programs in AI, Blockchain, and Cybersecurity. Craig also holds CompTIA Security+, CCNA, and Hyperledger certifications.

He is an Amazon #1 Best-Selling Author of 15+ books on cybersecurity and compliance, host of the Encrypted Ambition podcast (95+ episodes on Apple Podcasts, Spotify, and Amazon), and a cybersecurity keynote speaker with 200+ engagements at conferences, law firms, and corporate boardrooms. Craig serves as Contributing Editor for Cybersecurity at NC Triangle Attorney at Law Magazine and is a guest lecturer at NCCU School of Law. He has served as a digital forensics expert witness in federal and state court cases involving cybercrime, cryptocurrency fraud, SIM-swap attacks, and data breaches.

Under his leadership, Petronella Technology Group has served 2,500+ clients, maintained a zero-breach record among compliant clients, earned a BBB A+ rating every year since 2003, and been featured as a cybersecurity authority on CBS, ABC, NBC, FOX, and WRAL. The company leverages SOC 2 Type II certified platforms and specializes in AI implementation, managed cybersecurity, CMMC/HIPAA/SOC 2 compliance, and digital forensics for businesses across the United States.

CMMC-RP NC Licensed DFE MIT Certified CompTIA Security+ Expert Witness 15+ Books
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