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Cybersecurity

EMC’s RSA Security Breach May Cost Bank Customers $100 Million

The security breach at EMC Corp.’s RSA unit may cost the banking industry as much as $100 million to replace identification tokens that left their computers vulnerable to spying.

Banks may be forced to pay $50 million to $100 million to distribute new RSA SecurID devices that employees use to securely log onto corporate networks, according to a Gartner Inc. research analyst. RSA clients include Wells Fargo & Co. and Northwest Bancshares Inc. as well as defense contractor Lockheed Martin Corp., which said a May 21 cyberattack on its computers is linked to the March breach of RSA’s SecurID database.