Leading Wall Street regulator Ben Lawsky, who heads up the New York Department of Financial Services, warned that the United States should be preparing for a massive cyberattack on banks — that it’s inevitable, and looming.
“We are concerned that within the next decade, or perhaps sooner, we will experience an Armageddon-type cyber event that causes a significant disruption in the financial system for a period of time,” Mr. Lawsky said, during a speech at Columbia Law School, USA Today first reported.
Mr. Lawsky also said that new regulations could help.
Among the ones he’s mulling: State-level rules that implement a rating system of cyber-safety for banks, and that require a multi-state password process, The Hill reported.
• Cheryl K. Chumley can be reached at cchumley@washingtontimes.com.
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