Cybercrime Stokes Costs For Small Lenders Wrestling With Online Banking Boom

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Chad Quarles, Chief Information Security Officer (CISO)/Security Advisor, was featured in an S&P Global Market Intelligence article about community banks and cybersecurity.
Chad Quarles

Here is an excerpt from the article:

“Community banks are facing growing cyberthreats and strained information technology budgets as they boost online services in response to the pandemic and compete with financial technology companies.

Cyberattacks at U.S. financial institutions surged 51.5% in the first 10 months of the year versus 2019, according to government data, as hackers attempted to exploit security flaws in order to pinch financial assets or valuable customer data. The online crooks have increasingly targeted smaller banks in recent years, partly because of a perception that the lenders cannot afford to build robust defenses.”

Read the full article here

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