It’s no secret that financial institutions are in criminals’ crosshairs. This has been the story ever since people and organizations started putting their cash in the care of others. But unlike the good ol’ days of dramatic ski-masks-over-face, gun-in-hand heists, the majority of today’s banking crimes are digital, and thus, involve far less bravado and derring-do.
While cybercrime and fraud affect all financial institutions, each sector has its own specific concerns. The concerns of large institutions generally take center stage due to their high profiles and the large stakes involved, but often, concerns specific to small and medium-sized institutions go overlooked. In this article, we will examine the issues that cause the most distress to IT and security teams at small and medium-sized financial institutions.