Is Bank Hacking a New Form of Warfare?

Your next video will start in

Recommended Videos

  • Info

  • Comments


Aug. 28 (Bloomberg) -- Tom Kellermann, chief cybersecurity officer at Trend Micro, and Bloomberg's Keri Geiger discuss the hack attack on JPMorgan Chase and at least four other banks this month. They speak with Trish Regan on "Street Smart." (Source: Bloomberg)


Bloomberg has learned there are at least five banks involved in this.

Is it possible the banks themselves may not even know if they have been hacked into?

And this type of very sophisticated attack, the hackers went in and looks like they stole tons of it the bites of information.

-- stole tons of gigabytes of information.

These are very sophisticated hackers.

The bank understanding when and how, there could be a delay in reporting that.

Then of course related to the public.

It could implicate your customer information.

We have learned five banks have been affected.

Is this a case where the nsa or fbi has the information before the bank doesn't? that is one possibility.

There could be a delay.

I would imagine if you are the bank customer, you want to know right away.

The reason or the delay is?

I think they're trying to figure out what the scope is and what the message will be.

Let me ask you, do you think these are states on third at tax or lone wolves hacking into the banking system?

The greatest hackers in the world are russia.

You do not exist as a sophisticated hacker in russia without showing resistance to the regime.

You have seen a dramatic uptick of attacks against urine -- u.s. and european financial institutions.

What is important to note is whether or not it was the regime behind the attacks for sure.

The blessing or targeting of said institutions was essentially commended by the regime and doing so as pinter d-up measures against such sanctions being levered.

Do you see this as a new type of welfare?

I see it in using proxies to empower themselves on the geopolitical stage.

Truly we need to appreciate how do you politics will become harbinger for cyberattacks.

This is an opportunity for russian cyber crime to attack cyber participants and speaks to the power of using soft power as a landscape we see today.

What is at stake for consumers?

Could they lose all their money to one of these attacks?

In worst case they could liquidate bank account and have very grim scenario of people not knowing how much money.

The fdic does ensure bank accounts up to a certain amount.

I believe 250,000. banks put an enormous amount of resources into protecting customers.

Jp morgan spent 200 million alone.

You have to keep in mind these are incredibly sophisticated hackers.

So the banks really do put enormous amount of resources into this.

This is a tough situation for the financial system.

Final question to come.

Terrifying how all of the information is out there, effectively for the taking.

Do you think people might migrate away from technology amidst all of this?

I do not think so but i would be to the following that the financial sector has underinvested for too long.

Less than 15% of the i.t. budgets are being spent on securing it.

With the attacks and the crimes against the financial sector for the purpose of market manipulation, we must invest in things like the investment sector.

Thank you.

More after this.

See you back here in two.

This text has been automatically generated. It may not be 100% accurate.


BTV Channel Finder


ZIP is required for U.S. locations

Bloomberg Television in   change