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Banks’ Cybersecurity Failures Expose Systemic Indifference to Customer Security
In a damning display of negligence, the last Friday of June saw UK banks crumble under an online meltdown, leaving customers helpless on payday. Just days later, Australian banks faced an eerily similar crisis, disrupting countless lives.
The new Normal. It will only get worse.
Despite our years of research and information sharing, these high street banks continue to show a blatant disregard for Cybersecurity, treating breaches and losses as mere operational costs to be passed down through a trickle-down economy.
It also means none are compliant with Regulations. The implications are truly huge.
The staggering reality is that many banks prioritize monetizing customer data and profits over securing the data. Such negligence and greed is no different to that of the Purdue family (Oxycontin) or DuPont (Tefal) only caring about revenues and not people’s lives.
Systemically, exposed and insecure servers are being left vulnerable to exploitation, and are a testament to this reckless indifference. Regulatory bodies, seemingly complicit in this dereliction of duty, fail to enforce stringent security measures, allowing banks to continue their perilous practices unchecked.