Arab Today, arab today cyber attacks a growing threat for us financial system
Last Updated : GMT 01:25:55
Arab Today, arab today
Arab Today, arab today

Cyber attacks a growing threat for US financial system

Arab Today, arab today

Arab Today, arab today Cyber attacks a growing threat for US financial system

Online attacks
Washington - AFP

Online attacks by ever-skillful hackers are a growing threat to the stability of the US financial system, according to a report by a top-level government panel released Tuesday.

The 2015 report by the Financial Stability Oversight Council said that although US banks and financial businesses have been leaders in erecting barriers to hackers, cyber attacks still present a potential systemic danger.

"Over the past year, financial sector organizations and other US businesses experienced a host of notable cyber incidents, including large-scale data breaches that compromised financial information," the report said.

"While security technologies and user awareness are improving, malicious cyber activity is likely to continue in the future. Even more concerning is the prospect of a more destructive incident that could impair financial sector operations."

The report noted vulnerabilities in the banking industry through interconnected systems that cover payments and clearing, for example.

It also pointed to the various services which run crucial infrastructure for the wider industry. "The concentration of key services may create the risk of a cyber incident impacting many organizations simultaneously, with significant impacts."

In addition, it warned that attackers could infect equipment from industry suppliers with malicious software that can be hard to detect.

Last year hackers took aim at JPMorgan Chase and a number of other banks, stealing customer and other data in an operation which sparked concerns at the highest levels of government.

In February, Russian computer security firm Kaspersky Lab said a hacker group had conducted a two-year wave of cyberattacks on around 100 banks worldwide, including some in the United States, costing them up to $1 billion.

The FSOC, which represents key US financial regulators and is led by Treasury Secretary Jacob Lew and Federal Reserve Chair Janet Yellen, noted that one recent attack on an entertainment company was not simply to steal information -- it rendered its computers inoperable.

That "suggests a higher level of sophistication" among cyber attackers, it warned.

"Financial firms should assume they will be subject to destructive attacks and develop capabilities and procedures to resume operations," it said.

In a meeting on the report, Yellen said that, in terms of vulnerabilities to catastrophic economic events like the 2008 crisis, US banks "have made great strides" in achieving higher capital standards "so they can continue to operate even on unfavorable conditions such as prolonged severe recession."

But she added that regulators are prepared to further strengthen standards "to promote financial stability."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyber attacks a growing threat for us financial system Arab Today, arab today cyber attacks a growing threat for us financial system

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Media: انترنت
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday