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

  • 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. ..Read More..

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