Benjamin Lawsky, superintendent of the New York State Department of Financial Services, says it is a “matter of time” before there is a systemic attack on the global financial system.
The world must prepare for an “Armageddon”-style cyber attack, one of America’s most influential regulators has warned.
Benjamin Lawsky, superintendent of the New York State Department of Financial Services, said it was a “matter of time” before there is a major cyber attack on the global financial system, and that the public needs to invest heavily in preventing disaster now, or pay an even higher price later on.
“They [cyber attackers] are breaking into everything. It is only a matter of time before something happens that is more systematic and problematic,” he said.
“I worry that we are going to have some sort of major cyber-event in the financial system that’s going to cause us all to shudder”.
Mr Lawsky drew comparisons with the 9/11 terrorist attack on New York’s World Trade Centre, which killed thousands of people and crippled financial confidence around the world.
“The failure to detect the 9/11 plot was a failure of imagination,” he said. “I worry about the same thing here, is that something will probably happen and we will look back as it and say, ‘how did we not do more’.
Full article: World must prepare for ‘Armageddon’-style cyber attack, warns US regulator (The Telegraph)