Does the Conflict in Iran Put Your Bank Information At Risk?

With the recent airstrike attack against Iran, many Americans may wonder what this action could mean for their own safety. Should the United States and Iran begin a prolonged military conflict, could your bank’s safety be at risk too? If you bank with a large national financial institution (“Megabank”), that answer is potentially yes. Your personal information could be at risk of both coordinated and rogue actor cyberattacks. Here’s what you need to know.

Iran and Cyberattacks – Here’s What We Know

Iran has had a long history of cyberattacks against large US banks. They also know that one of the fastest ways to harm a country is to create fear and doubt amongst their citizens about the security of their financial systems. Iran has vowed to take revenge against the US after this recent attack, one reason why many experts are warning Americans to protect their personal information. Iran’s previous cyberattacks against US banks gathered sensitive information from US corporations and citizens. It’s clear they have the technology and expertise to launch coordinated attacks, and many believe that it’s only a matter of time until the next one.

Who is the Target?

These kinds of cyberattacks usually target Megabanks. If you bank with a Megabank, your information could potentially be at risk. It makes sense that megabanks get targeted because they have a big national impact as they control over 90% of consumer deposits nationally. Smaller banks on the other hand, such as local community banks, tend not to be big enough targets to warrant such attacks and therefore offer a safer environment to conduct your finances.

How to Protect Your Information

There are a few things experts recommend you do to protect your information from cyberattacks. For starters, you can take preventative steps such as updating your passwords and security questions every 90 days on all accounts. The best way however to protect your financial information is to make the switch to a local community bank. After all, wouldn’t it be better to keep your information protected from being attacked rather than defending yourself during an attack?

If you want to protect your information from cyberattacks and move your money over to a local community bank, Bundlefi can help. We can provide you your bank options so that you can choose the safest place for your money. Take a look at Bundlefi today and start comparing. It could very well be the smartest thing you do this year.