Wall Street Gets Former NSA Chief to Help Banks Create ‘Cyber War Council’ By Russia Today RT July 10, 2014 The top trade group on Wall Street wants the White House to assemble a “cyber war council,” according to a new report, as America’s banks continue to brace for hackers to hit their computer systems with an unprecedented attack. Bloomberg News reported on Tuesday this week that its journalists have viewed an internal document from the Securities Industry and Financial Markets Association, or Simfa, calling for the United States government to create such a council “to stave off terrorist attacks that could trigger financial panic by temporarily wiping out account balances” by way of a cyberattack previously unseen on US servers. According to Bloomberg journalist Carter Dougherty, the unpublished Simfa draft proposes that executives and deputy-level representatives from no fewer than eight US agencies join forces to ensure that the banking industry can withstand a severe cyberattack. “We are concerned that the industry may not have the capabilities that we would like to effectively defend against this newer form of potential attack, the capability that we would like to stop such an attack once commenced from spreading to other financial institutions, or the capability we would like of effectively recovering if an initial attack is followed by waves of follow-on attacks,” Dougherty quotes from the document, reportedly dated June 27. Such an attack, Simfa suggests, could occur “in the near-medium term,” result in “account balances and books and records being converted to zeros” and be “difficult and slow” to recover from.
Posted on: Thu, 10 Jul 2014 05:10:30 +0000
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