US Official Warns on Threat to Banks From Cyberattacks

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.