PNC's Rohr Doubts Small Banks Can Handle Cyberattacks

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Jim Rohr says cybersecurity is one of the biggest issues banks face.

The frequent distributed denial-of-service-attacks on banks' web servers that have occurred since September are doing more than disrupting service. "All this is test-and-learn," he says, and defenses must be strengthened before the bad guys learn enough to do some serious harm.

The PNC bank CEO shared this perspective in an interview with American Banker Editor at Large Barbara A. Rehm.

Rohr, who stepped down last week after running PNC Financial Group for 13 years but will stay on for a year as the bank's executive chairman, told Rehm he worries that some financial institutions don't have the resources or sophistication to defend themselves from hackers.

"One of the things that concerns me is they are going to go in and take over the identity of a small bank," he says, and then use that entry point to get inside the larger firms. "One of the questions we need to ask ourselves — and this won't be popular — but are you too small to defend yourself"

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Comments (2)
That's not true. Small banks use some kind of BIG bank software (FIS, Jack Henry,FiServ, bla, bla,)and big hosting services too. Actually there is a certain advantage to being incognito. Try hacking a small bank will usually fail because big bank is supplying the core somewhere in another state. Also, the FDIC will make sure your community banks are protected or get the c&d order.
Posted by Hellobuster | Friday, April 26 2013 at 3:12PM ET
Jim Rohr is way off base in his comments. His comments are not accurate or even designed to be beneficial to the industry. It is a slap in the face of community banks designed to create fear in the minds of community bank customers. How dare he claim that the biggest cybersecurity fear should be small banks. Bull. The biggest banks are the biggest targets. All bankers should be worried about the security of their commercial clients who can transact business remotely. That is where the cybersecurity losses will be the greatest.
Posted by Community Banker | Tuesday, April 30 2013 at 4:03PM ET
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