http://www.marketwatch.com/story/why-your-money-may-be-safer-with-small-banks-2015-07-02
The smallest financial institutions across the U.S. share a common struggle with the largest ones: how to best protect against hackers.
Financial institutions are facing an increasing onslaught of cyberattacks. While smaller banks and firms may be forced to combat threats with fewer resources, that smaller size means they might be easier to protect.
“The smaller businesses actually have a solvable problem,” says Pete Petersen, director of technology and chief cybersecurity officer at Causeway Capital Management, an institutional asset manager that focuses on international equities and oversees about $40 billion. “I know what systems need to be patched. I know what systems we’re using. I know everything about this place. You can’t do that at Citibank.”
Institutions with small geographic footprints, little complexity in terms of technology and that outsource critical systems have little or minimal inherent cyber risk, according to a guide released Tuesday by the Federal Financial Institutions Examination Council, an interagency group that includes five U.S. banking regulators.
“It’s one thing to train 50 people on phishing. It’s another thing to train 50,000,” Petersen says.
And a small, community bank may not be as attractive a target...MORE
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