Banks are woefully unprepared to face potential cybersecurity threats stemming from third-party technology providers, according to a report issued Wednesday by the Federal Deposit Insurance Corp.’s independent watchdog.
In the years ahead, banks will have to fend off better organized and increasingly advanced cybercrime rings. "We're seeing levels of sophistication that we haven't seen before," says Pat Phelan, senior vice president of identity at TransUnion.
Some execs have plenty to be sour about, but others are emphasizing the possibilities amid today's economic and political realities. Their contrasting mindsets were on full display at a Credit Suisse conference this week.