"It's going to come at a cost to the banks, but you have to weigh the risk versus the cost," states Nada Marie Anid, Ph.D., dean of NYIT’s School of Engineering and Computing Sciences, in an article in American Banker about New York regulators’ plans to conduct cybersecurity assessments of financial institutions to ensure that they are appropriately protecting sensitive customer data. The move, in response to the growing risk of cyberattacks facing the state's banks, also extends to state-chartered banks, credit unions, and foreign banks whose U.S. headquarters are in New York.
In the article “N.Y. Regulators Plan Heightened Scrutiny of Banks' Cyber Readiness,” Anid adds, "We must admit that the risk is very large and cybertheft is a reality." As such, she continues, "Banks will need more robust software to secure their assets. Cybersecurity will rise to top of the board agendas. That will create business for cybersecurity companies, and banks will hire more staff that specialize in cyberattacks and cyber procedures."