Report: Cyber attack could cripple financial system

National

Cyber attacks could cause banks to experience major financial problems.

(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.


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