data breach banking

When it Comes to Banking, the True Wild West Is Now

Jesse James. Billy the Kid. Butch Cassidy.

These names conjure images of a dusty, one-street town, where men in long coats sweep into the local bank, pull out pistols, and demand bags of cash.

But outlaws of the Wild West are no competition for today’s thieves. Certainly, thefts occurred, but not as often as the movies lead us to believe. Banks had reinforced walls for protection against blasts, and were built in the center of town, where most thieves were caught before they could escape.

Today, financial institutions face much different—and more numerous—threats. According to SecurityScorecard’s 2016 Financial Cybersecurity Report, 75% of the top 20 commercial banks in America are infected with “families” of malware. These clusters of dangerous softwares can be backdoors to bad actors, and add up to a costly bill. The British insurance company Lloyds estimated that businesses lose around $400 billion annually to cyber criminals.

Wild west banking

According to Juniper research, by 2019 the cost of data breaches will reach 2.1 trillion worldwide—quadrupled from 2015. Cue the theme music from “The Good, the Bad and the Ugly.”

Which is why the financial industry needs the ultimate in technology to protect its online data, documents and dollars, behind a “reinforced wall.”

ATS Secured keeps non-public personal information (NPPI) safe from hackers and cyber criminals. And our network of financial professionals is 100% verified—so you can rest assured that anyone you interact with via ATS Secured is who they say they are. Learn more here, and contact us to learn even more!