SEC says cybersecurity biggest risk to financial system

7:36 AM ETReutersSHARES

Cybersecurity is the biggest risk facing the financial system, the chair of the U.S. Securities and Exchange Commission (SEC) said on Tuesday, in one of the frankest assessments yet of the threat to Wall Street from digital attacks.

Banks around the world have been rattled by a $81 million cybertheft from the Bangladesh central bank that was funneled through SWIFT, a member-owned industry cooperative that handles the bulk of cross-border payment instructions between banks.

The SEC, which regulates securities markets, has found some major exchanges, dark pools and clearing houses did not have cyberpolicies in place that matched the sort of risks they faced, SEC Chair Mary Jo White told the Reuters Financial Regulation Summit in Washington D.C.

“What we found, as a general matter so far, is a lot of preparedness, a lot of awareness but also their policies and procedures are not tailored to their particular risks,” she said.

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SWIFT tells banks to share information on hacks

8:34 AM ETReutersSHARES

International financial messaging service SWIFT told clients on Friday to share information on attacks on the system to help prevent hackings, after criminals used SWIFT messages to steal $81 million from the Bangladesh central bank.

Earlier on Friday Reuters reported that Wells Fargo, Ecuador’s Banco del Austro and Citibank, whose Managing Director, Franchise Risk & Strategy, Yawar Shah, is SWIFT’s Chairman, did not inform SWIFT of an attack last year in which over $12 million was stolen from BDA.

The banks and Shah all declined to comment.

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Who’s hacking schools now? The students

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