With news of the massive Equifax data breach still reverberating through the minds of consumers and financial institutions, we’ve learned that Uber attempted a cover up on a smaller scale cyber attack. Concerns about the length of time businesses take to report such costly news is growing, and talks of jail terms for those involved in quieting such scandals is on the grow, too.
According to an article in PYMNTS, financial institutions are readying with dramatic solutions in the face of the growing threat level to customer security.
“The goal is to head off a run on the bank by panicked citizens. Called Sheltered Harbor, the project currently includes banks and credit unions holding between them about 400 million U.S. accounts. The project requires that each member bank offers up its data such that it can be used by other firms in the event their computers are totally disabled by a cyberattack.”
If accounts are held hostage, this solution could offer a viable alternative to allow credit union to access their funds. By adhering to Sheltered Harbor standards, a financial institution that is subject to a major cyberattack and unable to recover in a timely manner will enable its customers to access their accounts and balances from another participating financial institution.
One simplified solution offered by LEVERAGE provides a plan for protecting member data through Member Security Center.
Read the full article here.
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