Regulators: cybersecurity poses biggest risk to global financial system

Last week, the chair of the Securities and Exchange Commission called cybersecurity the biggest risk facing the global financial industry.

“Cyber risks can produce far-reaching impacts,” said SEC chair Mary Jo White.

For example, cybercriminals recently stole $81 million from a bank in Bangladesh by using Swift, the global money transfer network.

The SEC promises to step up regulation and Swift itself is expected to launch a new cyber security initiative this week that includes independent security audits of its customers. Meanwhile, top finance officials from G-7 nations met in Japan to discuss plans to improve global cybersecurity coordination.

To read this article in full or to leave a comment, please click here