Is more strict banking security coming?

June 10, 2011

Citi Group Earlier this week, hackers were able to access the Citigroup network and gain information on about 200,000 credit card holders in North America. This attack marks the largest direct attack on the banking industry ever. The increased potential of more attacks is changing the way that some banks are going to secure their sites. Most people that are experts in the online security field suggest that banks across North America, and the world in general, tighten their security to ward off future attacks.

Tougher security measures would slightly increase the effort of account holders to access their information, but would likely significantly lessen the possibility of attacks of this nature in the future. However, the cost of securing the sensitive data is already expensive; what would a increase in security cost us, the consumer?