(CNN) — One cyber attack — that’s all it could take to have a significant impact on US banking.
According to analysis published Monday by the New York Fed, a single attack on any of the five most active American banks could have a trickle down effect on about 40 percent of other banking entities.
The Fed predicts payment systems could be one area of concern.
An attack could also cause panic among investors, which could result in financial loss to the banking industry and ultimately the economy.
The report notes financial services firms are about 300 times more likely to be a target for cyber crimes than other types of businesses.
More from MyHighPlains.com:
- Virginia elementary student fights off would-be kidnapper; police searching for suspect
- Cuban migrant granted asylum now being held by ICE in South Texas
- Texas police collaborate with U.S. Secret Service on school safety measures training
- Watch All12 Courtside, fallout from the Kansas brawl, and previewing the next Baylor game
- California mayors urge White House to help with homeless crisis