Indeed, our modern western financial and banking system with its massive dependency on single interface websites, servers and the internet faces serious risks that few analysts have yet to appreciate and evaluate.We previously referred to Russian Prime Minister Medvedev’s allusion to cyber warfare when he stated the Russia’s response to U.S. attempts to have it locked out of the SWIFT system that the Russian response “economically and otherwise – will know no limits.”
Dormant malware, apparently of Russian origin had previously been discovered buried in the software that runs the Nasdaq stock exchange according to Bloomberg.
Given that a military confrontation is not desired by Russia it is likely that cyber-warfare will be part of Russian arsenal in any confrontation with the U.S. and NATO countries.
Hacking is becoming more common and recent months have seen the hacking of Sony Pictures, allegedly by North Korea, and the hacking of Instagram, Tinder and Facebook.
Banks have been hacked, stock exchanges have been hacked and critical infrastructure, including nuclear have been hacked in recent years. It is likely that many of these small scale attacks have been merely testing of defenses.
Even one of the largest and most powerful banks in the world, JP Morgan has been hacked.
Exactly a year ago, in June 2014, JP Morgan Chase were hacked by unknown parties who stole the personal details of 83 million customers.
A concerted attack on the western financial system would likely include attempts at disabling various exchanges including stock markets and foreign exchange markets. Banks could be attacked in such a way that bank balances, which are merely digital figures, could be erased.
Should banks be hacked and customers deposit accounts compromised then the vista of potential bail ins becomes a real one.
The vulnerability of investment providers, banks and the global banking system – reliant as they have become on single interface websites, servers, computer systems, information technology and the internet – is very slowly being realised.
Academic and independent research and indeed the modern and historical record shows how physical gold is a safe haven asset – provided you have direct ownership of coins and bars and are not dependent on single websites and technology.
Full article: Cyberwarfare Threat To Nuclear, Banking and Financial System (Gold Core)