If you’re still worried about security at your bank, you may want to reconsider your priorities.
Gumtree, one of the biggest bank customers, has been the subject of a security audit, which was led by its former chief financial officer, John Pogue.
According to the audit, Gumtree used more than 30 security doors on its accounts.
This includes doors that would open, close, and lock in the event of a physical attack.
While the audit found that these doors could be used to prevent a physical breach, it found that Gumtree was not properly testing the doors to make sure they weren’t used for more than 15 minutes.
In the meantime, GumTree is using a $10 million grant from the Federal Deposit Insurance Corporation to pay for security upgrades to its account doors.
Gutierrez told CNBC that he’s not surprised that security is a growing concern at banks.
“In the last 10 years, I’ve seen more than 1,000 banks that have had major hacks,” he said.
“The more sophisticated and connected you are with the security team, the more likely they are to have to go through this process to address it.
And the more they are able to test the doors, the better the security.”
GumTree is not the only bank with a high number of security breaches.
In December, the banking industry reported a record $5.3 trillion in cyber attacks, up from $2.3 billion in 2016.
That’s up from an average of about $300 billion a year in the prior decade.
The bank’s CEO, John Gutierrez, said he wants to help banks reduce their vulnerability.
“Gumtrees security team is not a full-time employee,” Gutierrez told CNBC.
“We’re not paying for them.
We’re doing what we can to help our bank, but we have no security engineers in place to do that.
We have to invest in our own security teams, which means investing in our infrastructure.”