The Number One Threat To Global Finance? Cyber Attacks
PYMNTS, 13 April 2021
Cyberattacks are the greatest threat to the world’s financial system, Federal Reserve Chairman Jerome Powell said in an interview with CBS News this week. Speaking to “60 Minutes” on Sunday (April 11), Powell said the risks posed by cybercriminals are greater than the lending and liquidity troubles that triggered the 2008 financial crisis.
“There are scenarios in which a large financial institution would lose the ability to track the payments that it’s making, where you would have a part of the financial system come to a halt, or perhaps even a broad part,” he said. “And so, we spend so much time and energy and money guarding against these things. There are cyberattacks every day on all major institutions now. That’s a big part of the threat picture in today’s world.” Continue reading “Article: The Number One Threat To Global Finance? Cyber Attacks”
