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The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook
Topic Started: 31 Aug 2014, 10:14 PM (605 Views)
peter fraser
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The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook
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Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that taxpayers will probably have to cover much of the damage.

Even if customers don’t lose money from a hacking assault on JPMorgan Chase & Co. (JPM), the episode is a reminder that banks with the most sophisticated defenses are vulnerable. Treasury Department officials have quietly told bank insurers that in the event of a cataclysmic attack, they would activate a government backstop that doesn’t explicitly cover electronic intrusions, two people briefed on the talks said.

“I can’t foresee a situation where the president wouldn’t do something via executive order,” said Edward DeMarco, general counsel of the Risk Management Association, a professional group of the banking industry. “All we’re talking about is the difference between the destruction of tangible property and intangible property.”
Any expressed market opinion is my own and is not to be taken as financial advice
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Interesting
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Interesting. This must be one of the options they are keeping open for the collapse of the current financial system. 'It was the terrist hackers that done it I swear!'

If only the little fishies knew what a knifes edge their lifestyle is at.
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herbie
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Oh well; It's just money Peter - Some electronic entries on the banks' books - Not like it's a real or tangible asset as they said. So the world's central banks can just do a pay run the next day ta replace it all hey? ... :)
Edited by herbie, 1 Sep 2014, 12:25 AM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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peter fraser
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herbie
1 Sep 2014, 12:20 AM
Oh well; It's just money Peter - Some electronic entries on the banks' books - Not like it's a real or tangible asset as they said. So the world's central banks can just do a pay run the next day ta replace it all hey? ... :)
Actually I couldn't see this becoming a problem herbie. The banks have remotely located facilities that have backup's of all their data and these facilities are high security. You could be walking or driving past one everyday and you wouldn't know.

They don't just have one or two of these backup data storage centres. If something took out the network it would cause chaos but it would be restorable.
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Ex BP Golly
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peter fraser
1 Sep 2014, 07:55 AM
Actually I couldn't see this becoming a problem herbie. The banks have remotely located facilities that have backup's of all their data and these facilities are high security. You could be walking or driving past one everyday and you wouldn't know.

They don't just have one or two of these backup data storage centres. If something took out the network it would cause chaos but it would be restorable.
Plus they hold all that paper stuff like contracts and most importantly, land titles.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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peter fraser
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Ex BP Golly
1 Sep 2014, 07:59 AM
Plus they hold all that paper stuff like contracts and most importantly, land titles.
I don't know about the other states but title deeds are electronic in Qld.
The days of holding physical title deeds and mortgages are probably gone. I don't believe that is the case in the USA though, and the USA is what this article is about. They have some fairly backward systems over there that are similar to old style horse transactions where the bill of sale is attached to a chain of documents. I think that's called "Old Law" in NSW.
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Count du Monet
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Quote:
 
Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks.


Sure I could see an attack disrupting the banking system. But why would they lose value? At the end most things are accounted for, so why would the public be on the hook for loses?
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Black Panther
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peter fraser
1 Sep 2014, 07:55 AM
Actually I couldn't see this becoming a problem herbie. The banks have remotely located facilities that have backup's of all their data and these facilities are high security. You could be walking or driving past one everyday and you wouldn't know.

They don't just have one or two of these backup data storage centres. If something took out the network it would cause chaos but it would be restorable.
Perhaps. I have reviewed data backups at companies worth over 100 million on the market.

This was in the 1990's.

They thought they had their backup and DRP in place.

They did on paper, but not in reality.

The turnover of IT staff had been so great, that processes and procedures had totally broken down.

I would think the matter is probably worse now with all the offshoring, etc.

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