Banks Admit Cybersecurity is the Biggest Threat. Now What?

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Banks Admit Cybersecurity is the Biggest Threat. Now What?

In JPMorgan Chase’s 2018 annual report, CEO Jamie Dimon states in a widely read letter to shareholders the following. “The threat of cybersecurity may very well be the biggest threat to the U.S. financial system.”

In April 2019, five of seven CEOs from the largest U.S. banks testified during House Financial Services Committee and claimed cybersecurity as the largest risk to our financial system. According to the MarketWatch article, This is the biggest risk to the financial system, say CEOs of the largest U.S. banks:

The exact question from Ohio Republican Rep. Steve Stivers was: “What do you think the biggest risk to our financial system is today?”

Five of the seven Wall Street bosses named cybersecurity problems first, as they went over the largest risks to the system.

…“Let the record reflect that cyber was a consensus item, as was slowing growth around the world, and a big tip of the hat to folks that also mentioned the non-regulated financial industries,” Stivers said after the CEOs had all responded.

As our money moves to mobile and cashless formats, so does cybercrime.

Webinar on Mobile Banking App Security

Zimperium, the global leader in in-app protection, held a free webinar about mobile banking on June 6th. Scott King, Zimperium’s Director of Embedded Security, disclosed company research on the top US mobile banking and payment apps. 

Watch the on-demand webinar recording to learn:

  • What banks and financial institutions state about cybersecurity;
  • The cyber threats banks and institutions aren’t speaking about; and
  • Security and privacy scores from top mobile banking apps.

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