Cyber War Poses Risk of Bail-Ins to Banks and Deposits
By: GoldCore
GoldSeek.com
Wednesday, 28 January 2015
Cyber Attacks Growing In Frequency – Entire Western Financial System Is Vulnerable
The threat posed by cyber war to our increasingly complicated, technologically dependent and vulnerable financial institutions, markets, banks and indeed deposits becomes more clear by the day.
British and US agents will carry out a mock cyber attack or ‘cyber war games’ on the Bank of England and commercial banks in City of London and on Wall Street in the coming months as part of tests on critical, but vulnerable financial infrastructure.
Should banks be hacked and customers deposit accounts compromised then the vista of potential bail ins becomes a real one. In June, JP Morgan Chase were hacked by unknown parties who stole the personal details of 83 million customers.
In July of last year Bloomberg reported that malware had been detected in the system of the Nasdaq exchange. Its purpose was unclear but it was believed to have been embedded there by Russian hackers.
There is also the alleged hacking of Sony Pictures by North Korea and the alleged hacking of Facebook, Instagram and Tinder yesterday.
David Cameron announced measures two weeks ago that he said were designed to help companies, government organisations and banks and prevent a repeat of hacking attacks.
The alleged busting of a Russian spy-ring in New York on Monday, for gathering intelligence that could be used for “destabilisation of the markets”, highlights yet again that the threat posed by cyber-warfare is a growing one.
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