Tom Curry, Comptroller of the Currency, gave a speech yesterday on banks’ cybsersecurity preparedness. My favorite quote:
In the worst possible case, if there was a compromise of core systems at an institution you do have an erosion in public trust in both that institution and the system itself.
I’m not sure how much lower it can get.
Also, anyone who thinks this exact scenario won’t happen is deluding themselves. Better start planning for it to happen.
The next financial crisis will be a cybersecurity crisis. I’m calling it now: Cybersecurity Stress Testing!