A war in cyberspace is already raging and could lead to ‘armageddon’ if banks get hit

Dr Victor Madeira, a Senior Fellow at The Institute for Statecraft

Too big to fail banks are major targets in a developing cyberspace war, experts told Business Insider.
Defence of the banks from cyber attack is considered to by a national security issue with both US and UK authorities warning that cyber attackers could be met with “kinetic” and physical force.
Dr Victor Madiera, senior fellow at the Institute for Statecraft, said Russia and China have aggressively used and developed their cyber capabilities.
“Russia and China would look to undermine or even outright paralyse the international financial system if push came to shove. That’s really what’s underpinning a lot of this, it’s economic and financial competition, and two very different and competing worldviews, as to what those systems should be,” Madiera said.

A war is being fought in cyberspace with “ones and zeros” instead of bullets and too-big-to-fail banks are major targets, experts with cyber security and intelligence backgrounds have told Business Insider.

“It’s not a hypothesis. It’s unequivocally been proven, the next war will be fought in the cyberspace. And I actually would go as far as saying it’s already being fought,” said Justin Fier, director for cyber intelligence and analysis at Darktrace, formerly US government intelligence.

US and European authorities are concerned about a possible “armageddon” event caused by a successful cyber attack on western banks and other critical areas of infrastructure by hostile nation-states and other actors.

A successfully coordinated attack on a too-big-to-fail bank could have “cataclysmic” consequences for the global financial system and deal significant damage to the national security of the west, experts said.

“Let’s say you hit one of those banks that’s too big to fail, you’ve got global economic ramifications when that happens and I kind of worry then what the follow on from that would be. So now we’re talking national security, if not global security ramifications,” said Tim Rees, cyber strategy lead at Willis Towers Watson UK, and formerly British military intelligence.

Major threats originate from groups like hackers, hacktivists, organised criminals, terrorists and nation states like Russia and China, but attribution is notoriously difficult in the cyber world.

Dr Victor Madeira, a senior fellow at the Institute for Statecraft, and former strategic advisor on national security reform said that Russia and China have been aggressively developing and using their cyber capabilities against the west.

“The true battleground is usually the boardroom, it’s not the battlefield,” said Madeira.

“Russia and China would look to undermine or even …read more

Source:: Business Insider

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