Technology and gaming content trusted in North America and globally since 1999
8,615 Reviews & Articles | 61,015 News Posts

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

Michael Hatamoto | Aug 26, 2014 at 6:32 am CDT (0 mins, 44 secs time to read)

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.

Cyberattack has great potential to cause next financial shockwave | TweakTown.com

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."

Last updated: Apr 7, 2020 at 11:47 am CDT

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor 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.

Related Tags