From: American Banker
By Greg Baer
Every day seemingly brings a fresh reminder of the nation’s vulnerability to cyberattack, whether from criminals, terrorists or hostile nation-states. A recent report by the nonpartisan Presidential Commission on Enhancing National Cybersecurity details those threats, and proposes thoughtful and innovative solutions to the next administration. The report also illustrates how U.S. and global banking regulators are doing more harm than good in this area, and need to stand down.
The nation’s banks understand the existential threat posed by cyberattacks. They employ tens of thousands of cybersecurity professionals — many of them former members of the intelligence community, law enforcement or the military, as well as some of the brightest minds in computer science and social engineering. The largest banks have disclosed that they spend $400 million to $600 million annually on cyberdefense.
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