Regulator warns of 'Armageddon' cyber attack on banks

Posted on AllSides February 25th, 2015
From The Left

A New York financial regulator said he is considering new rules to protect against "an Armageddon-type" cyber attack that would devastate U.S. financial markets.

Ben Lawsky, head of New York's Department of Financial Services (DFS), said he fears a large enough hack on Wall Street firms could "spill over into the broader economy" — not unlike the mortgage meltdown of 2008.

"We are concerned that within the next decade, or perhaps sooner, we will experience an Armageddon-type cyber event that causes a significant disruption in the financial system for a...

Read full story
Some content from this outlet may be limited or behind a paywall.
http://www.usatoday.com/story/money/business/2015/02/25/lawsky-goldman-sachs-banks/23995979/

More News about Technology from the Left, Center and Right

From the Left

From the Center

From the Right