Security News > 2020 > January > Cyberattack on a Major Bank Would Have Ripple Effect: Study

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 impact of a cyberattack would increase if the banks strategically responded by not sending out payments and hoarding their money and assets, which the study says is likely.

This would lead to a ripple effect because other financial institutions would not receive payments from the bank that was attacked and could fall short on their money reserves, the study shows.

The study also looked at how a cyberattack on a subset of small or midsized banks might affect one of the top five banks.

The study found that a cyberattack on six small banks or an attack on only one mid-sized bank could have a significant effect on one of the country's larger banks.

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https://www.inforisktoday.com/cyberattack-on-major-bank-would-have-ripple-effect-study-a-13620