World must prepare for ‘Armageddon’-style cyber attack, warns US regulator

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.