Reports of the demise of financial institutions are greatly exaggerated. As their rich history has shown, banks have always used new technologies to improve their businesses and provide broader reach for their customers, and this trend should continue for a long time to come.
New York’s recent cybersecurity regulations have real-world implications in other states. Whether these and similar laws and regulations pass muster under the dormant Commerce Clause is, at this point, an open question.
Although cybersecurity products can be pricey, there’s one surefire way to increase security that’s relatively inexpensive: setting up communities to share information, threats, vulnerabilities, and incidents.