US regulator worried of major 'Armageddon' cyberattack targeting banks

US officials increasingly concerned of major cyberattacks targeting US banking infrastructure.

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Ben Lawsky, a New York financial regulator and head of the New York Department of Financial Services, is reportedly considering new regulation to help prevent against "an Armageddon-type" cyberattack. There is concern that a coordinated cyberattack would be able to hit the "broader economy" of the United States.

US regulator worried of major 'Armageddon' cyberattack targeting banks | TweakTown.com

"We are concerned that within the next decade, or perhaps sooner, we will experience an Armageddon-type cyber event that causes a significant disruption in the financial system for a period of time," Lawsky said while speaking at Columbia Law School.

To help prevent against a "cyber 9/11," Lawsky wants financial institutions and insurance companies be graded by the DFS. The legislation may also require multifactor authentication and other requirements to keep data secure. Banks also must be proactive in their effort to keep data secure, as foreign-based hackers continue their attempts to disrupt Wall Street.

An experienced tech journalist and marketing specialist, Michael joins TweakTown to cover everything from cars & electric vehicles to solar and green energy topics. A former Staff Writer at DailyTech, Michael is now the Cars & Electric Vehicles News Reporter and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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