VII. CONCLUSION

VII. CONCLUSION

VII. CONCLUSION

The financial services industry is overdue for a digital shakeup, and the security measures banks take in protecting consumer data need to be updated.³⁰¹ Massive breaches like Equifax and Capital One, along with the recent breaches seen during the pandemic, confirm the great length cybercriminals will go to in order to steal personal information.³⁰² As companies implement permanent work-from-home options, the financial services sector needs to be ready for a “new normal” in a postpandemic world.³⁰³ The reimagined financial industry should include full digitalization of the banking industry, comprehensive work-from-home plans, and amendments to existing privacy legislation to accommodate an increasingly remote workforce. Brick-and-mortar banks are becoming a thing of the past, and digital banks are on the rise. To survive, the industry must adapt.

ANNA-NICOLE C. COOKE

³⁰⁰. See What Are the Benefits and Challenges of Telework in Communication Technologies and Financial Services? INT’L LAB. ORG. (Nov. 10, 2016), https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_534548/lang– en/index.htm [https://perma.cc/S8D5-Z2VK] (stating that there are challenges to remote work, including the need to protect consumer data).

³⁰¹. See Mutune, supra note 294 (explaining the challenges of a work-from-home environment).

³⁰². See, e.g., Wack, supra note 49 (disclosing the details of Capital One’s settlement with the Office of the Comptroller of the Currency); Frequently Asked Questions, supra note 96 (explaining what led to the 2019 data breach and the impact its had on consumers);* Equifax to Pay $575 Million, supra* note 47; Popper, supra note 196 (examining how cybercriminals have been targeting recipients of stimulus payments to help blunt the economic fallout of COVID-19); McKnight, supra note 210; Kundaliya, supra note 211 (detailing a data breach affecting applicants of the Paycheck Protection Program under Bank of America).

³⁰³. See Brownlee, supra note 221 (“On the heels of surprisingly successful work from home experiences, survey data clearly suggest a momentum towards expanded work from home policies going forward.”).

I would like to thank my mother and Colin LaPrade for their support and encouragement throughout the process of writing this Note. Additionally, I am incredibly grateful to Professor Lissa Broome, Katherine Franck, Lauren Davis, Thomas Walls, Ricky Willi, the rest of the editorial board, and the staff members of the North Carolina Banking Institute for their guidance and comments throughout the publication process.

VII. CONCLUSION

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Table of contents