Cyber induced bank runs pose “huge risk”, says Richmond Fed’s Barkin

Thomas Barkin, Richmond Fed President.

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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