CFOs Should Know: Lackadaisical Security Carries a PriceBad cybersecurity is bad for business. A badly secured business may pay as much as ten extra basis points for a loan than its posture had been up to scratch, find academic studies examining how U.S. banks price debt. The bill for poor cybersecurity could run hundreds of thousands of dollars.
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Bank business is all about transferring risk to others - whether that’s their customers or vendors.
I mean… bad cybersecurity SHOULD be penalized. It’s disgusting how little regard its given by large scale businesses.
Of course, banks are also some of the worst offenders. Who penalizes them?