World Must Prepare For ‘Armageddon’-Style Cyber Attack, Warns US Regulator

The world must prepare for an “Armageddon”-style cyber attack, one of America’s most influential regulators has warned. Benjamin Lawsky, superintendent of the New York State Department of Financial Services, said it was a “matter of time” before there is a major cyber attack on the global financial system, and that the public needs to invest heavily in preventing disaster now, or pay an even higher price later on. “They [cyber attackers] are breaking into everything. It is only a matter of time before something happens that is more systematic and problematic,” he said. “I worry that we are going to have some sort of major cyber-event in the financial system that’s going to cause us all to shudder”. Mr Lawsky drew comparisons with the 9/11 terrorist attack on New York’s World Trade Centre, which killed thousands of people and crippled financial confidence around the world.

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