US banks are preparing themselves for a Cyber Attack Apocalypse!

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Banks in the United States seem to be preparing themselves for a cyber attack apocalypse by sharing data of more than 400 million US accounts among themselves. Yes, you’ve read it right!

Financial organizations, especially banks and credit unions in the United States are preparing themselves to establish a central repository where all the data of the shared accounts will be stored to be used by other firms in the event of their computers being totally disabled by a cyber attack.

Called as Sheltered Harbor, the project is currently being backed by the government of United States and is aimed to give tough time to state-funded actors.

As North Korea’s Kim Jong Un is planning to launch World War 3 on the digital infrastructure of America, Banks and other Financial institutions are bracing themselves to counterattack the fast approaching apocalypse with the help of the project named Sheltered Harbor.

NSA has already issued a warning that critical infrastructure like power grids, nuclear plants, and organizations operating in the banking sector of North America are vulnerable to cyber attacks.

Thus, in order to isolate themselves from all variants of Cyber Threats, the banking and credit union have decided to support the project of the ‘Sheltered Harbor’ to the full core.

Technically, the concern among bankers isn’t that hackers will merely abscond with funds. But there is a high possibility that they will simply hold funds for ransom by locking the custodial banks out of them. Furthermore, Hackers could also threaten to destroy the data.

Imagine, such an attack could leave banks non-functional for days, weeks and sometimes months as well, causing panic among account holders and investors.

So, in order to avoid such situation, banks have decided to share data among themselves- all a part of business continuity planning.

Do you think that such practices will help the banks and their respective consumers…?

You can share your opinion through the comments section below.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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