Four years after the biggest bank hack ever, the global financial system remains vulnerable to cyberattacks that could cause severe disruptions, according to a report Wednesday that draws advice from government officials, the financial industry and other experts. The assessment from the Carnegie Endowment for International Peace and the Word Economic Forum is the culmination of years of work, with touchstones ranging from the 2016 Bangladesh Bank heist where hackers made off with $81 million to a recent Chilean bank ransomware attack that shut down all of its branches. “Our big concern is that if you look at what’s happened during the pandemic, but even before with the escalating threat that’s targeting the financial system from the Bangladesh incident to the Chile outage back in September, we’re clearly not keeping up with the threat and how quickly it’s evolving,” said Tim Maurer, director of Carnegie’s Cyber Policy Initiative. “The government and industry need […]
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