Legacy Systems are Undermining Financial Institution Cybersecurity

This article examines how legacy infrastructure in financial institutions increases cyber risk, undermines regulatory compliance, raises operational costs, and creates talent gaps; it cites recent examples (a ransomware attack that encrypted servers at the Central Bank of Lesotho and a third-party supply‑chain incident affecting Sveriges Riksbank) and recommends mitigation steps including cybersecurity hiring and training, server modernization, phased migration roadmaps, cloud/microservices adoption, and stronger third‑party risk management.