A cyberattack could cripple the US banking system: NY Fed - Business Insider

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A cyberattack could cripple the US banking system, New York Fed warns

U.S. Department of Homeland Security employees work during a guided media tour inside the National Cybersecurity and Communications Integration Center in Arlington, Virginia June 26, 2014. Picture taken June 26, 2014.A sophisticated cyber attack on the US could ripple through major banks and severely disrupt the broader financial system, new research shows.

Exact estimates of potential damage varied based on the timing and location of a US cyberattack, according to the paper. A sophisticated cyberattack on the US could ripple through major banks and severely disrupt the broader financial system, according to new research from the New York Federal Reserve.

Exact estimates of potential damage varied based on the timing and location of a US cyberattack, according to the paper.

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