Final answer:
Banks hire white hats, or ethical hackers, to strengthen their cybersecurity and to protect against cybercrime. White hats help ensure that electronic funds remain secure and that banks comply with consumer protection laws by safeguarding customer data.
Step-by-step explanation:
Banks hire "white hats," also known as ethical hackers, to enhance their cybersecurity. Considering Willie Sutton's perspective that banks are where the money is, and the reality that most money now exists as electronic records on computers, a significant threat to banks is cybercrime. Therefore, white hats are employed to identify and fix security vulnerabilities, ensuring that banking systems are protected from malicious attacks. They play a critical role in protecting electronic funds and maintaining the trust of customers in the banking system. This cybersecurity effort is an essential complement to the physical security measures that protect tangible assets.
Moreover, banks have a responsibility to adhere to various consumer protection laws, which require safeguarding customer data. Apart from stopping cyber theft, white hats contribute to these compliance efforts by ensuring data is secure and banking activities are conducted in a manner that respects consumer rights.