ML-Implode News - Cyber attacks could be bigger threat to our banking system than bad debts

"Your readers would be shocked if they realised just how crap the IT organisation is in many banks as well as corporations and government ministries," said a man with a decade of experience in a software company. "Sometimes we get a glimpse, when a company is unavailable for days due to â€˜computer problems'. Have you noticed how these cases always take longer than expected? This is not because repairs take long. Finding out what the problem is in the first place -- root-cause analysis -- is nearly always the most time-consuming. Nobody has a complete and in-depth overview."
Many IT specialists and financial consultants say megabanks have simply become too big and too complex to manage. This would be fine if they were restaurants or hairdressers, companies that can safely go bust. But as we saw in September 2008, megabanks are also too big to fail.

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Cyber attacks could be bigger threat to our banking system than bad debts