By Jonathan Cedarbaum, Partner, WilmerHale and Sean Reilly, SVP & Associate General Counsel, The Clearing House
As an industry, the financial sector outpaces other economic sectors in cybersecurity preparedness. Despite these efforts, however, cyber criminals still target bank networks, their executives, key employees with escalated privileges, and third parties with important connections to financial institutions. Criminals too often have ready access to sophisticated technology, enjoy the ability to organize and collaborate, benefit from a steady pipeline of talent, and generate enormous streams of illicit revenue with little chance of being caught. This "business model" needs to be disrupted. Foundational to the required change is improving collaboration between financial institutions and the United States government.
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Originally published in The Clearing House's Banking Perspective - Q1 2015.
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