US Official Warns on Threat to Banks From Cyberattacks


Coverage Type: reporting
Location:
Department of the Treasury, 400 7th Street SW Comptroller of the Currency, Washington, DC, 20219, United States

Hackers and other cybercriminals pose as grave a threat to the financial system as the recent financial crisis if banks and government officials don't mount an effective response, a top US official warned.

The growing sophistication of cyberattacks spawned by criminal organizations, hackers and other foreign governments could pose a systemic risk to the financial system, Comptroller of the Currency Thomas Curry said. While such threats are manageable, the risks should not be played down, Curry said. "The financial-services industry is one of the more attractive targets for cyberattacks, and, unfortunately, the threat is growing," Curry said.

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