In a digital world where the number of targets ripe for hacking has grown exponentially, banks and other financial institutions remain a top target for cyberattacks, whether for financial gain, data theft, or retaliation. For nation-state adversaries or hacktivists, disrupting the financial services industry has the potential to grievously wound the global economy, given the interconnectedness and integrated nature of the society we live in today. This chapter underscores that regulation is not enough to address the growing threat to financial institutions. It outlines programs to improve identity verification and authentication protocols. It also underscores the need to streamline cybersecurity regulation to reduce burdens from duplicative or conflicting requirements that have no tangible improvement on cybersecurity. The chapter concludes with a discussion on cyber law enforcement and the need to create international standards for cybercrime investigations and prosecution.
Combining Technology, Public Policy and Economics to Create a Sustainable System of Cybersecurity