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Cyberattack on a Major Bank Would Have Ripple Effect: Study

January 17, 2020

A cyberattack targeting one of the largest banks in the U.S. that stops the processing of payments likely would have a major ripple effect throughout the financial system, according to a new report from the Federal Reserve Bank of New York.

The study, Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis, looks at how a cyberattack could disrupt the entire U.S. financial system if banks lost the ability to process payments among themselves. Under this scenario, nearly a third of all the country’s assets would be affected, according to the researchers.

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