Cyber attacks are the main threat to the global financial system, even overcoming the credit and liquidity risks that caused the global financial crisis in 2008. The statement was made by the chairman of the Board of Governors of the US Federal Reserve System (Federal Reserve) , Jerome Powell in an interview with A CBS TV channel.
“I would say that the risks that we monitor most today are cyber risks. Therefore, you must be concerned with the events of cyberspace. This is something that is closely monitored by many government departments, including the Fed (US Federal Reserve), as well as by all large private companies, including all large private financial companies, which invest heavily in security. And I would say that this is a real risk, ”said Powell.
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As the head of the Federal Reserve explained, one of the worst scenarios for event development could be a situation in which hackers are able to shut down a large payment system, which will impede the flow of money from one financial institution to another. Powell said he could close sectors or even entire layers of the financial system. Governments and private companies are increasingly cautious about these threats, Powell said.
“We spend a lot of time, effort and money protecting against these things. Currently, cyber attacks against all major institutions are carried out daily. And the government is working on it. Like all private sector companies. Dealing with these threats takes a lot of effort. This is a big part of the threat landscape in the world today, ”said Powell.
With international news agencies
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