Ben Lawsky, head of New York’s Department of Financial Services, recently stated that he fears a large cyber attack on Wall St. that could “spill over into the broader economy,” much like the mortgage crisis in 2008.

Lawsky is currently looking to impose new rules on DFS regulated banks and insurance companies to try and insulate them from hackers. During his speech at Columbia Law School, Lawsky stated, “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.”

USA Today has the whole story.

Leave a Reply

You must be logged in to post a comment.