New York's financial regulator has said that his agency will focus on cyber security over the next year. Apparently the possibility of a systemic attack to the financial system is one thing that keeps him awake at night.
“Armageddon” is coming for banks — it’s only a matter of when. A rise in sophisticated cybersecurity attacks on banks will lead to a cataclysmic event in financial markets, a top financial regulator said on Monday. “I worry that we’re going to have some major event in the financial system that’s going to cause us all to shutter,” Ben Lawsky, superintendent of the New York Department of Financial Services, said during a conference. Cyber-terrorists could spur an financial “Armageddon” even with a small disruption in the markets, said Lawsky, speaking at the Bloomberg Markets Most Influential Summit.