Cyber induced bank runs pose “huge risk”, says Richmond Fed’s Barkin
Banks lack proper cyber security metrics and should learn from other firms, argues senior Fed official
Cyber attacks could cause a major panic in the financial system, Richmond Federal Reserve president Tom Barkin said on September 7.
Banks lack the ability to quantify cyber security risks, Barkin told a conference held by the US Federal Reserve and the Massachusetts Institute of Technology.
“We spend a lot of time as regulators thinking about what happens at a bank. But I think the biggest risk is what happens to the system,” said Barkin. “People waking up one day and believing their money is
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