Banks Participate in Sheltered Harbor Project to Prepare for Worst-Case Cyberattack Scenario
What if ATMs stop working? What if a cyberattacker destroys or locks financial data at a major bank? Some cybersecurity experts in the financial sector fear that a major cyberattack may not only cause a run on the bank affected but also on other banks. To head off this worst-case scenario, the Wall Street Journal recently reported that banks and credit unions have created the Sheltered Harbor project.
According to the Wall Street Journal, “Its 34-member board is composed of representatives of individual big banks, groups of smaller firms, trade associations, clearinghouses and broker-dealers. […] The idea is to ensure that every U.S. bank has the kind of backups that some of the biggest banks have been using since the 1990s: protected in vaults, whether digital or physical, and unalterable once recorded.”