Published On: May 25, 2016

The Chair of the Securities and Exchange Commission (SEC), Mary Jo White, told reporters Tuesday that hackers pose the greatest threat to the financial system. White explained that while many financial firms are somewhat prepared for a hacker situation, many of their policies and procedures are not tailored to their particular risks. Recently, hackers stole $81 million from the Bangladeshi central bank through SWIFT transfer system, which helps banks transfer payments across borders. Allegedly, SWIFT is an easy target for hackers because of its lack of a firewall system and it uses second-hand switches to connect computer systems to itself. Several U.S. banks are reportedly scrutinizing the security of the system, and an Obama administration said that governments “should not use their offensive cyber capabilities to change the amounts held in financial accounts or otherwise manipulate the financial system.”

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