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originally posted by: JAGStorm
a reply to: AugustusMasonicus
At the consumer level, you would be right, security is more an illusion than real. At the corporate level, it's better than you might think. The approach to security is wholly different at that level.
I worked in IT we hired ethical hackers. It made me realize there is no security.
We are talking a giant, one of the largest companies on earth type of companies with endless money for “security” type of place.
That's from 2014, do you not think that compelled them and the other banks to rethink their cyber roadmap in the past 7 years?
It's hard to explain, and I can only say so much.
Nothing is impervious, and they know it, that's why the approach to security is different than what you and I and others here on ATS have worked with.
originally posted by: JAGStorm
a reply to: Klassified
It's hard to explain, and I can only say so much.
Nothing is impervious, and they know it, that's why the approach to security is different than what you and I and others here on ATS have worked with.
Nothing is impervious - That is the imporant takeaway. I'm not saying it would be easy or it would all go out like a light switch either. I used Texas as an example because it was a good one. Something as silly as a storm brought down the banking sytem.(for some banks) You have to keep in mind it was brought down even for those customers out of the affected area. That tells me they did not have a good plan, if an ice storm can do that.............
If the banking goes down US wide, and the entire public panics, how you pay your bills will instantly fade away from your worries.
originally posted by: JAGStorm
a reply to: Klassified
If the banking goes down US wide, and the entire public panics, how you pay your bills will instantly fade away from your worries.
I don't see the whole entire world going down. I see something more like the Great Depression II
I don't think bills will fade, just money to pay said bills.
What Happens if Banks Crash
I would not be at all surprised to see another great depression or worse. I think it's inevitable if this country keeps moving in the present direction.
Russians wary that sanctions would deal a crippling blow to the economy have been flocking to banks and ATMs for days, with reports in social media of long lines and machines running out. People in some central European countries also rushed to pull money from subsidiaries of Russia’s state-owned Sberbank after it was hit with international sanctions.
No doubt, but proactive companies have budgets to address this and the major US banks and EMV are at the top of the list.
originally posted by: JAGStorm
Are you the president for banking security, because if not, you should be! I almost.... almost believe what you are saying! 😜
originally posted by: ancientlight
Would it be safer moving it to a Vanguard account? I know Vanguard/blackrock, but the options seem pretty limited
I work for a company that is intimately tied to both the payments and cyber portions of banking across the world, my team handles a large part of the solutions from a sales perspective. Networkdude knows who I work for, I'm not going to post it since it would be too easy to track down my real name.
No one should have large sums of money in a checking/savings account, it's nearly an interest free loan for the bank.
originally posted by: JAGStorm
a reply to: AugustusMasonicus
That's from 2014, do you not think that compelled them and the other banks to rethink their cyber roadmap in the past 7 years?
Just as they rethink their cyber roadmaps, the people trying to break in are thinking of how to break it.
originally posted by: JAGStorm
Tell that to the Russians trying to take money out..
What do you think is going to happen to their money that's not in the checking/savings accounts?