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Cyberattack has great potential to cause next financial shockwave

Governments and security companies are scrambling to keep users secure, but it's a continued uphill battle that is becoming even more complicated

By Michael Hatamoto from Aug 26, 2014 @ 6:32 CDT

It's not uncommon to hear news of a successful cyberattack that causes financial losses and major headaches from government departments or the private sector. However, cyberattacks targeting the financial market could cause significant problems, highlighted by the large volume of attacks targeting banks, credit card companies and retailers.

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Regulators and governments are uncertain how to defend against these attacks, with a global "toolbox" in the works to help identify information security procedures. Evidenced by the US Securities and Exchange Commission trying to study cyber resilience, it's going to be hard to clamp down on cyberattacks.

"The issue of cyber resilience is a bit of a sleeper issue, and one that we have to be proactive [about] in terms of making sure the risk management approach is robust," said Greg Medcraft, International Organization of Securities Commission (Iosco), told FT. "Cybercrime has a huge potential impact on markets."

NEWS SOURCES:Ft.com, 3.bp.blogspot.com


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