COBOL Modernization Crisis Threatens Financial Systems
Article Content
- •COBOL powers 95% of ATM transactions and 80% of credit card swipes globally.
- •A significant shortage of COBOL developers is occurring as they retire at 10% per year.
- •Over 90% of global banks still rely on COBOL, risking operational stability.
COBOL, the programming language that powers 95% of ATM transactions and 80% of credit card swipes, faces a critical shortage of knowledgeable developers as they retire at a rate of 10% annually. This situation has created a two-tiered financial system, with traditional banks relying on outdated COBOL systems while newer fintech companies use modern programming languages. The lack of modernization poses a risk to the stability of financial institutions, as many still depend on COBOL for core operations. Despite its critical role, banks are hesitant to abandon COBOL due to the complexity of their systems and the fear of losing embedded business logic. The urgency for modernization is underscored by the fact that over 90% of global banks and 45 of the top 50 financial institutions still use COBOL. Without a significant shift towards modernization, the financial sector may face operational disruptions.
Ask AI about this cluster
Answers cite the sources they use
More articles in this cluster (2)
Following this threat?
Track Bank Of America in your own feed — you're alerted when they show up in new reporting, leak sites or exploitation.
Free account · no card needed
Common questions
What is COBOL modernization?
Why are banks hesitant to abandon COBOL?
What impact does the developer shortage have?
Continue Reading
Critical BeyondTrust 9.3 Vulnerability Actively Exploited by Threat Actor A critical vulnerability (CVE-2026-102764) in BeyondTrust Remote Support has been discovered and is actively being exploited by the threat group ARMORY CASTLE, reportedly linked to China. The vulnerability, which has a CVSS score of 9.3, allows unauthenticated attackers to upload files and potentially compromise host…