Banks Begin Using Military Style Tactics for Cybersecurity

More than $445bn was lost to cyber crime last year, a 30 percent increase from three years earlier; banks have started to hire former government spies, soldiers and counterintelligence officers to help fight the threats; banks have borrowed a tactic used by Homeland Security in the wake of September 11th, fusion centers; these centers, used by big banks like Citigroup and Wells Fargo and smaller banks like Bank go the West and Fifth Third Bank, help to coordinate and better detect patterns within the troves of data they collect; they have even created a simulation called Quantum Dawn which would enact a catastrophic attack, more than 900 people form 50 banks participated; banks see how important cybersecurity is and don’t want to be caught off guard by any future attacks. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.