The more digitally integrated our global economy, the greater the potential "blast radius" associated with a hostile cyber event. No where is this more true than in our financial systems where integration, and as a result, interdependency, is on full display. The ripple of effect of one major bank being attacked or even a limited number of smaller banks, can reach through our entire banking system. While the "fortress" mentality in cyber defense has long given some comfort, with digitization, we are all interconnected and the issues of "supply chain risk" and "3rd party risk" have moved to the forefront of cyber defenders...
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Banks are "Keystones" in our Financial System and Cyber Attacks are the Threat
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According to the Federal Reserve Bank of New York, an attack on any of the most active US banks could affect 38 percent of the nation’s banking network. The bank’s report also said that cyberattacks on six small banks could threaten the solvency of any one of the top five US banks.
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