‘We still don’t do the basics well’ – Chris Gale on cyber security
Central banks are doing “aggressive” and “pretty cool” things to shore up cyber defences, says former Boston Fed VP
Chris Gale, a former vice-president of the Federal Reserve Bank of Boston, has said central banks still have a long way to go in improving their IT defences against cyber attacks.
“IT is hard enough without the cyber threat landscape we are in… It is putting an overwhelming stress on central bank’s resources,” says Gale. “There are many things on the technology side which we don’t do well… We still don’t do the basics well.”
Speaking on the sidelines of Central Banking’s Cambridge seminar
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