Magazine : Archives : The Cybersecurity Issue

Cybersecurity: What the Best Banks Do to Protect Themselves

The hack of JPMorgan Chase & Co. and other financial giants in 2014, which involved the theft of 80 million customer records, revealed an unfortunate reality in the age of the internet: Not even the largest institutions with their hordes of cybersecurity staff and big budgets are safe. “Even big institutions with the most robust cybersecurity procedures will find it tough to protect themselves from every threat. Cybersecurity is about risk mitigation, not risk elimination. There’s no silver bullet,’’ says Nicole Friedlander, the former head of the cybercrime unit for the U.S. Justice Department for the Southern District of New...