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Will the next financial crisis will be a cyber security crisis?

Will the next financial crisis be a cyber security crisis? 2018 and 2019 have been banner years for cyber hackers. In August 2019 alone, over 114.6 million financial records were leaked in 95 breaches around the world. As we continue to increase the amount of business and banking on our mobile devices, our data becomes more tempting to cyber terrorists, rogue nation states, or hacker collectives, like blood in the water for a shark. While we might think we are safely on the boat, in reality, the sharks have gotten larger and can take down bigger boats, like in the movie ‘Jaws’.

In this episode we speak to Alissa Knight, a senior analyst with Aite Group, and a self described “white hat” in the cyber security wars. She has recently done a study of over 30 financial services apps around the globe- ranging from very large banks to smaller fintechs- and found profound vulnerabilities throughout the entire industry. She walks us through some of the reasons for it and teases some possible solutions, but the bottom line is- we are gonna need a bigger boat.

Hosts:
Sanjib Kalita, Editor-in-Chief, Money20/20
Scarlett Sieber

Guest:
Alissa Knight, Senior Analyst, Aite Group

Producers:
Roland Bodenham, Senior Video Editor, Ascential
Rachel Morrissey, Producer, Money20/20 USA