Michael Marcotte, the founder, chairman, and CEO of enterprise-grade digital authentication firm artius.iD, was warned that a successful biometric data breach at a pioneering bank could put them on the brink of the next global financial crisis.
The intervention follows recent comments by the CEO of HSBC UK, Ian Stuart, who last month told UK policymakers the bank is “being attacked all the time” by online criminals, leading to cybersecurity becoming the bank's biggest expense, amounting to hundreds of millions of pounds (The Guardian). This highlights the imminent danger banks are currently facing and the necessity for urgent action.
