It’s natural to assume the most direct impact of a cyberattack within the financial payment system is the stolen data or funds. In reality, the true impact extends to the loss of consumer confidence and the subsequent increase of transactional costs.
Most bankers subscribe to the notion that the payment system is the heart and soul of banking and the financial markets. I believe that the payment system in many ways is the heart and soul of all local and global economies. From retail merchants and global banking entities to local families and individuals who make up our neighborhoods, the tie between banks and retailers is the payment system.
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