cyber attacks a growing threat for us financial system
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
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."

arabstoday
arabstoday

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*

cyber attacks a growing threat for us financial system cyber attacks a growing threat for us financial system

 



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*

cyber attacks a growing threat for us financial system cyber attacks a growing threat for us financial system

 



GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 00:49 2017 Tuesday ,28 February

New vehicle scanner to ease Oman border rush

GMT 10:50 2018 Monday ,08 January

L'anza unveils sprayable styling paste Airpaste

GMT 16:40 2012 Monday ,20 February

New Ferrari Enzo

GMT 13:47 2013 Friday ,22 March

FM: Greece takeover process of Cypriot banks

GMT 19:13 2017 Monday ,16 October

6 wounded in USA oil rig blaze near New Orleans

GMT 16:34 2016 Sunday ,25 September

Pakistani air force jet crashes, killing pilot

GMT 20:53 2017 Wednesday ,14 June

Media council abandon complaint against writer

GMT 20:59 2017 Tuesday ,31 October

IMF official says Egypt's economy

GMT 15:19 2017 Wednesday ,29 November

Five things to watch out for in 2018
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday