Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any Time

Posted on September 5th, 2014

CyberattackBy Michael Snyder

Wall Street banks are getting hit by cyber attacks every single minute of every single day.  It is a massive onslaught that is not highly publicized because the bankers do not want to alarm the public.  But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem.  The truth is that our financial system is not nearly as stable as most Americans think that it is.  We have become more dependent on technology than ever before, and that comes with a potentially huge downsideAn electromagnetic pulse weapon or an incredibly massive cyberattack could conceivably take down part or all of our banking system at any time.

This week, the mainstream news is reporting on an attack on our major banks that was so massive that the FBI and the Secret Service have decided to get involved.  The following is how Forbes described what is going on…

The FBI and the Secret Service are investigating a huge wave of cyber attacks on Wall Street banks, reportedly including JP Morgan Chase, that took place in recent weeks.

The attacks may have involved the theft of multiple gigabytes of sensitive data, according to reports. Joshua Campbell, supervisory special agent at the FBI, tells Forbes: “We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions.”

When most people think of “cyber attacks”, they think of a handful of hackers working out of lonely apartments or the basements of their parents.  But that is not primarily what we are dealing with anymore.  Today, big banks are dealing with cyberattackers that are extremely organized and that are incredibly sophisticated.

The threat grows with each passing day, and that is why JPMorgan Chase says that “not every battle will be won” even though it is spending 250 million dollars a year in a relentless fight against cyberattacks…

JPMorgan Chase this year will spend $250 million and dedicate 1,000 people to protecting itself from cybercrime — and it still might not be completely successful, CEO Jamie Dimon warned in April.

Cyberattacks are growing every day in strength and velocity across the globe. It is going to be continual and likely never-ending battle to stay ahead of it — and, unfortunately, not every battle will be won,” Dimon said in his annual letter to shareholders.

Other big Wall Street banks have a similar perspective.  Just consider the following two quotes from a recent USA Today article

Bank of America: “Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that we will not suffer such losses in the future.”

Citigroup: “Citi has been subject to intentional cyber incidents from external sources, including (i) denial of service attacks, which attempted to interrupt service to clients and customers; (ii) data breaches, which aimed to obtain unauthorized access to customer account data; and (iii) malicious software attacks on client systems, which attempted to allow unauthorized entrance to Citi’s systems under the guise of a client and the extraction of client data. For example, in 2013 Citi and other U.S. financial institutions experienced distributed denial of service attacks which were intended to disrupt consumer online banking services. …

“… because the methods used to cause cyber attacks change frequently or, in some cases, are not recognized until launched, Citi may be unable to implement effective preventive measures or proactively address these methods.”

I don’t know about you, but those quotes do not exactly fill me with confidence.

Another potential threat that banking executives lose sleep over is the threat of electromagnetic pulse weapons.  The technology of these weapons has advanced so much that they can fit inside a briefcase now.  Just consider the following excerpt from an article that was posted on an engineering website entitled “Electromagnetic Warfare Is Here“…

The problem is growing because the technology available to attackers has improved even as the technology being attacked has become more vulnerable. Our infrastructure increasingly depends on closely integrated, high-speed electronic systems operating at low internal voltages. That means they can be laid low by short, sharp pulses high in voltage but low in energy—output that can now be generated by a machine the size of a suitcase, batteries included.

Electromagnetic (EM) attacks are not only possible—they are happening. One may be under way as you read this. Even so, you would probably never hear of it: These stories are typically hushed up, for the sake of security or the victims’ reputation.

That same article described how an attack might possibly happen…

An attack might be staged as follows. A larger electromagnetic weapon could be hidden in a small van with side panels made of fiberglass, which is transparent to EM radiation. If the van is parked about 5 to 10 meters away from the target, the EM fields propagating to the wall of the building can be very high. If, as is usually the case, the walls are mere masonry, without metal shielding, the fields will attenuate only slightly. You can tell just how well shielded a building is by a simple test: If your cellphone works well when you’re inside, then you are probably wide open to attack.

And with electromagnetic pulse weapons, terrorists or cyberattackers can try again and again until they finally get it right

And, unlike other means of attack, EM weapons can be used without much risk. A terrorist gang can be caught at the gates, and a hacker may raise alarms while attempting to slip through the firewalls, but an EM attacker can try and try again, and no one will notice until computer systems begin to fail (and even then the victims may still not know why).

Never before have our financial institutions faced potential threats on this scale.

According to the Telegraph, our banks are under assault from cyberattacks “every minute of every day”, and these attacks are continually growing in size and scope…

Every minute, of every hour, of every day, a major financial institution is under attack.

Threats range from teenagers in their bedrooms engaging in adolescent “hacktivism”, to sophisticated criminal gangs and state-sponsored terrorists attempting everything from extortion to industrial espionage. Though the details of these crimes remain scant, cyber security experts are clear that behind-the-scenes online attacks have already had far reaching consequences for banks and the financial markets.

In the end, it is probably only a matter of time until we experience a technological 9/11.

When that day arrives, will your money be safe?    (my emphasis)

By Michael Snyder for Economic Collapse

By permission Economic Collapse Blog

http://theeconomiccollapseblog.com

http://theeconomiccollapseblog.com/archives/wall-street-admits-that-a-cyberattack-could-crash-our-banking-system-at-any-time

Bozell: Untruthful Hillary’s Hardly One to Lecture Media for Not Being Factual

Posted on April 30th, 2014

Branco Cartoon – What Difference Does it Make?

By NewsBusters

Former Secretary of State Hillary Clinton recently slammed the U.S. news media as obsessed with celebrity and more driven by entertainment than hard news.

Of course she’s right, Media Research Center president Brent Bozell noted on the April 24 edition of Fox News’s Your World with Neil Cavuto, but added that it’s even worse than that. The liberal media are actively censoring legitimate, hard news stories, many of which would likely harm Mrs. Clinton’s presidential prospects in 2016 were they seriously pursued on national television (watch video below page break):

The bigger problem is that, I wish we would take a very long hard look at Hillary Clinton casting aspersions on the national media about not being factual [when] this is the same woman who claimed, among other things that, for example, she came under sniper fire on the tarmac in Bosnia in 1994, yet the video showed her standing on the tarmac holding a bouquet of roses greeting little children.

This is same woman who invented the “vast right-wing conspiracy” mantra, and she was lying when she said that.

This is the woman who made $100,000 in cattle futures overnight, and nobody can really understand how she did this, but she said it was the Wall Street Journal that made her do it.

This is the woman who said that the video was what caused Benghazi, lied about that one as well.

So I don’t think Hillary Clinton is the one to be giving lectures to the media about being factual.

April 24 edition of Fox News's Your World with Neil Cavuto

Upon hearing that, substitute host Stuart Varney mused that Mrs. Clinton was the beneficiary of a vapid media environment which is treating her as a celebrity. Bozell agreed:

In 2008, Barack Obama won in [large] measure because he was treated as a celebrity, not as a politician. In 2016, I think we’re going to see it again with Hillary Clinton, treated as a celebrity, not a politician, so she’s been the great beneficiary of this glamorous infotainment called news, yeah.    (my emphasis)

By NewsBusters

By permission NewsBusters

http://newsbusters.org

http://newsbusters.org/blogs/ken-shepherd/2014/04/24/video#ixzz3011zoHjF

A Small President on the World Stage

Posted on October 1st, 2013

Obama World Air Ball by Bill Schorr, Cagle Cartoons

Here are a few excerpts of some interesting observations by Peggy Noonan, in her Wall Street Journal article, about how our President is viewed by other leaders around the world.

By Peggy Noonan

At the U.N., leaders hope for a return of American greatness.

The world misses the old America, the one before the crash—the crashes—of the past dozen years.

That is the takeaway from conversations the past week in New York, where world leaders gathered for the annual U.N. General Assembly session. Our friends, and we have many, speak almost poignantly of the dynamism, excellence, exuberance and leadership of the nation they had, for so many years, judged themselves against, been inspired by, attempted to emulate, resented.

“In the past we have seen some America overreach,” said the prime minister of a Western democracy, in a conversation. “Now I think we are seeing America underreach.” He was referring not only to foreign policy but to economic policies, to the limits America has imposed on itself.

… The anxiety: “The biggest risk is not political but social. Wealthy societies with people who think wealth is a given, a birthright—they do not understand that we are in the fight of our lives with countries and nations set on displacing us. Wealth is earned. It is far from being a given. It cannot be taken for granted. The recession reminded us how quickly circumstances can change.” His hope? That the things that made America a giant—”so much entrepreneurialism and vision”—will, in time, fully re-emerge and jolt the country from the doldrums.

The second takeaway of the week has to do with a continued decline in admiration for the American president. Barack Obama’s reputation among his fellow international players has deflated, his stature almost collapsed. In diplomatic circles, attitudes toward his leadership have been declining for some time, but this week you could hear the disappointment, and something more dangerous: the sense that he is no longer, perhaps, all that relevant.

A scorching assessment of the president as foreign-policy actor came from a former senior U.S. diplomat, a low-key and sophisticated man who spent the week at many U.N.-related functions. “World leaders are very negative about Obama,” he said. They are “disappointed, feeling he’s not really in charge. . . . The Western Europeans don’t pay that much attention to him anymore.”     (my emphasis)

You should read all of Noonan’s comments in their entirety here.

IN THE SPOTLIGHT: Rep. Eddie Johnson Allegedly Violated Rules, Steered Scholarships to Relatives

Posted on August 30th, 2010

SpotlightIf true, this is another example of certain rules not applying to our incumbent representatives.  According to a story in today’s Dallas Morning News by Todd Gillman and Christy Hoppe,“Longtime Dallas congresswoman Eddie Bernice Johnson has awarded thousands of dollars in college scholarships to four relatives and a top aide’s two children since 2005, using foundation funds set aside for black lawmakers’ causes.”

“The recipients were ineligible under anti-nepotism rules of the Congressional Black Caucus Foundation, which provided the money. And all of the awards violated a foundation requirement that scholarship winners live or study in a caucus member’s district.” Johnson, a Democrat, denied any favoritism when asked about the scholarships last week. Two days later, she acknowledged in a statement released by her office that she had violated the rules but said she had done so “unknowingly” and would work with the foundation to “rectify the financial situation.” (my emphasis)

Read the rest of this story.

IN THE SPOTLIGHT: Sign of Things to Come? 30,000 Line up for Housing Vouchers

Posted on August 12th, 2010

Spotlight“Thirty thousand people showed up to receive Section 8 housing applications in East Point Wednesday, suffering through hours in the hot sun, angry flare-ups in the crowd and lots of frustration and confusion for a chance to receive a government-subsidized apartment.”

“The massive event sometimes descended into a chaotic mob scene filled with anger and impatience. Some 62 people needed medical attention and 20 of them were transported to a hospital, authorities said. A baby went into a seizure in the heat and was stabilized at a hospital. People were removed on stretchers and when a throng of people who had been waiting hours in a line were told to move to another line, people started pushing, shoving and cursing, witnesses said.”

“Concern is rising that a similar scene could occur Thursday when the housing authority of this small city near Atlanta begins accepting the completed applications. Wednesday’s event was only to hand out the paperwork. The housing authority will begin accepting applications at 9 a.m.”

Read the rest of this story from the Atlanta Journal-Constitution.

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