BankSocial reposted this
COO BankSocial. Credit Union & CUSO Consultant. Crypto/ DLT Enthusiast, Educator and Author.
Another centralized system brought down by ransomware. This is the stuff that keeps CEOs up at night. 500,000 members can’t access their accounts digitally and can barely access them in person. https://lnkd.in/gET6jftm
Jack Ingram
3mo
I would argue that this has less to do with a monolithic, legacy technology stack and more to do with strong cybersecurity practices at both Patelco and its vendor supply chain. Sure, if we were all blockchain based, account access would be made easier in this instance, but all one has to do is look at the numerous breaches Coinbase has suffered over the past couple of years to know that anyone is susceptible to this kind of thing, even native, distributed systems that use blockchain at their heart.
Travis Frey
3mo
I hope the Patelco team has a fast and successful recovery. I also hope they are willing/able to share the causes, lessons, takeaways, and path forward story behind the incident. We can only get stronger by sharing...definitely a difficult spot and this something EVERYONE should be worrying about frequently and often....I empathize greatly for that team.
Mark Arnold
3mo
Yes, this is indeed one of the many items that keeps CEOs up at night. This also demonstrates how important your brand reputation is. Patelco CU has a strong brand and has earned its members trust over the years. Hopefully they will get the issue resolved so the credit union does not suffer a negative brand impact. #creditunions #branding #cyberattacks
Bob Browne
3mo
Great evidence that it is not core systems where your financial institution can have vulnerabilities to ransomware.
Very tough situation, praying that everything gets resolved quickly.
Ernest-Uche O
3mo
😔 this is a very tough situation. Will definitely keep all impacted in my prayers.
Dan Daggett
3mo
It should keep us all up at night!
Innovator | CU professional | Storyteller
3moDefinitely one of the “Awake at 4 AM, eyes wide open” scenarios. Scary stuff.