CYBER Insights » THREAT INTEL: Banks’ Cybersecurity Failures Expose Systemic Indifference to Customer Security

THREAT INTEL: Banks’ Cybersecurity Failures Expose Systemic Indifference to Customer Security

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Gibraltar: Tuesday 02 July  2024 at 12:10 CET

THREAT INTEL: Banks’ Cybersecurity Failures Expose Systemic Indifference to Customer Security

By Andy Jenkinson – Guest Contributor |  Group CEO Cybersec Innovation Partners
via CYBERInsights
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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.

As financial institutions collect, collate, and harvest sensitive information, their lack of adequate security protocols exposes customers to significant risks.

The recent failures in the UK and Australia highlight a much wider, global issue: banks worldwide appear content to play Russian Roulette with their clients’ security, viewing cybersecurity costs as expendable.

It is a systemic failure that underscores a profound disregard for customer trust and safety, demanding immediate and decisive action.

Angelene Falk John Edwards Shayne Elliott Kevin Corbally Mark Whelan Oliver Newbury Andrew Pickering Paul Gillen, MSc, FICS. Steve PortwayPaul Horlick Dharmesh K. Magdalena Krön John Cadavid Rakesh Prasad

Cybersec Innovation Partners
Commonwealth Bank
Lloyds Banking Group
Virgin Money
Information Commissioner’s Office
Australian Prudential Regulation Authority
U.S. Securities and Exchange Commission
Serious Fraud Office (UK)
Australian Federal Police
BBC News
Channel 9 Australia
ITV News
Australian Broadcasting Corporation (ABC)
Sky News


About Andy Jenkinson

Group CEO CIP. Fellow Cyber Theory Institute. Director Fintech & Cyber Security Alliance (FITCA) working with Governments. Recognised Expert in Internet Asset & DNS Vulnerabilities.

Andy Jenkinson is a senior and seasoned innovative Executive with over 30 years’ experience as a hands-on lateral thinking CEO, coach, and leader. A ‘big deal’ business accelerator, and inspirational, lateral thinker, Andy has crafted, created, and been responsible for delivering 100’s £ millions of projects within the Cyber, Technical, Risk and Compliance markets for some of the world’s largest, leading organisations. Andy has a demonstrable track record of largescale technical delivery and management within many sectors including the Professional, Managed, and Financial Services.

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