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By Thomas F. Blaney, CPA, CFE; Christopher D. Peterman, CPA; and Eric J. Hillman, CPA
Recent history has shown that events of crises often lead to an increase in cybersecurity crimes. On Friday, March 10, 2023, Silicon Valley Bank became the second largest bank failure in U.S. history. The bank collapsed in just over two days’ time, following a massive surge in requests for withdrawals from their depositors. On Sunday, March 12, 2023, a nearly identical “run” on bank deposits occurred at Signature Bank, causing the bank to fail and enter receivership with the Federal Deposit Insurance Corporation (FDIC). While the Federal Reserve Bank has announced that all deposit accounts held at these banks will be fully guaranteed, the entire banking and capital markets are in a decidedly fragile state, suffering from a highly skeptical and fearful consumer base. Given the uncertainty and overall ramifications of these bank failures, the markets are being thrust into an immediate crisis.
Such a crisis provides a ripe environment for the opportunist cybercriminal. As private foundations are significantly endowed institutions actively participating in the banking and capital markets, we offer them the following considerations and reminders to ensure they protect their assets and workforce.
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