Chair of the Federal Reserve and CEOs of the largest US banks said in recent months that their biggest concern is a cyberattack against the financial sector. I wrote about what could happen if a systemic cyberattack targeted the financial sector. nytimes.com/2021/07/03/bus…
Experts say country is not prepared for a systemic cyberattack on Wall Street if it targets core institutions/infrastructure that provide key services. "[E]everybody believes an institution can be taken out... What we don’t know is how bad it would get and how fast,” experts said
Financial sector could withstand one large institution being knocked ou, but if multiple ones shut down, disruption could last wks. If attackers struck on a “triple witching” Friday when stock options/stock index futures/stock index options all expire, effects would be amplified.
Banks aren’t biggest concern in cyberattack. Payment card processors, clearinghouses like ACH or Fedwire, and systems for settling bond/equities/options transactions (National Securities Clearing Corporation and the Depository Trust and Clearing Corporation) are a bigger risk.
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