Federal Reserve boss Jay Powell says he's more worried today about the risk of a large-scale cyberattack than about a new financial crisis like the subprime one.
"There are scenarios in which the payment system cannot work ... a large financial institution would lose the ability to track the payments it makes,"
the American big money manager told CBS in response to a question.
“So we spend a lot of time, energy and money to protect ourselves against that,”
he admits.
The general public is not informed, but the big banks, especially American ones, are attacked every day.
More than a quarter of global financial cyber attacks target U.S. institutions
In January 2020, a New York Fed report sounded the alarm.
"If a cyber attack were to compromise the integrity of banking systems, recovery processes would represent an unprecedented task,"
then explained Fed analysts.
A domino effect is to be feared if one or more large banks could no longer process payments from their customers.
Panic effects and paralysis of
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