Also in this playlist...
This transcript is automatically generated
-- this last press was red.
Man oh man what had happened today we were down for a while today a thousand -- -- big concern going on the markets.
That it may be we were finally having that correction in the IE meltdown direction.
Well get used to crazy stuff like that because hackers are targeting stock exchanges and things could get worse.
Welcome everyone I'm Charles may never -- Cavuto.
More than half of the world's exchanges saying they'd -- or victims of -- attacks last year cyber thieves are trying to crash markets -- still millions.
Now the majority of those -- come from China.
And today we -- China has more than half a billion Internet users that means half a billion potential hackers.
Wall Street until Ben Willis of former FBI cyber crimes official statements -- Betsy on this growing threats they even.
You know this issue.
Really raises a lot.
Of important parameters about where we -- -- -- security when the US government thinks about cyber security but first thing it thinks about is the critical infrastructure.
And when we think about the critical infrastructure we think -- -- two things the financial markets and electric power that's the two starting places.
Well we've heard all before about electric power grids that hackers can get into the power grid in fact the Department of Homeland Security.
Had actually done its own test of getting into electric power generator.
But this is the first time we get a report.
That shows half the world exchanges have already suffered.
From what -- calls cyber attacks meaning these are destructive these aren't just people try to common and get money.
They actually can try to come in and bring down the markets.
Now -- you actually say that this is the newest guerrilla war for -- and.
-- is it's tackle guerrilla warfare but it's not new to the New York Stock Exchange we've been attacked by hackers for years.
Quite frankly about we know the matter of fact that those who -- wanna -- -- he go back to 9/11 it was very clear was intent to cripple the financial.
Capital of the world so we understand that going in and we have guys like Brian Hamlet or former head of Secret Service in New York running our -- security so.
My concern isn't really it would the New York Stock Exchange would be a little further down the list of my concern of exchanges.
As far as attacks we know we have weathered them.
Though it's now out in the press says we're talking about today but we've known about it for a while quite frankly right and nobody's really penetrated us and we're gonna keep it.
Like but but here's the thing though Stephen they only have to be right wants right they only have to get lucky once and -- when you have a whole army of hackers at your disposal that can happen.
Well this report you're exactly right identified two issues one.
That the security administrators recognize they can't get this secure a 100% of the time and just as you said the bad guys only have to get it.
Right wants but there's another factor and this gets back to the last point.
You could have a secure system but these systems between the exchanges.
Are often interoperable because the exchanges talk to each other world why they have to they have to share their information.
So this could be one of those weakest -- problems where someone gets into one of the other exchanges but that exchange has a relationship.
With another and before you know -- they're all infected because the bad guys can move laterally.
Between systems so that I you're shaking your head you you agree with the -- -- wanna give that blueprint but I you know final bottom shows us that the guys are trying to come after us Madison.
You can you have to you have to when you -- the Achilles hill it is that said that I mean that is effectively the Knight capital came into the New York Stock Exchange today that they had there they're there melt down.
They came through their pipes into into the exchange.
So that the erratically was a cyber attack in the sense because it was a it was a software program that was left look like a loaded gun.
That had no intention so that is how they gained access to the marketplace not necessarily.
The infrastructure of the New York Stock Exchange but that's a disruption that came into the market.
He came through other pipes that we have to have opened current bylaw Munich by our federal government tells us we have to allow access to other exchanges.
That's actually a mandate of of the SEC.
Ben what about you know particularly in the New York Stock Exchange everyone says well it's good that we still have some poor guys some actual human beings then there so this is not the machines run -- -- -- If there war an attack and they founded the weakest link they got and what what that structure -- be able to mitigate the damage.
If we would -- -- far better if we were allowed to do it entirely with humans we could've stopped the the -- problem.
Within minutes summit of its -- we knew what happened on the floor of the problem was there was nobody on the other side of the computer to answer the phone.
Night literally pulled the computer out of the wall to stop -- from functioning.
That's -- that's a real issues other than humans are there we will ones that said hey wait a minute you have a problem right so that's why have a lot more faith in the New York Stock Exchange system and I do.
In some of the other places that call themselves exchanges and -- bunch of laptops tied together.
It's even before we wrap this up I wanna get a sense are are are -- taking it seriously enough -- -- a couple years ago there was a piece in China.
That called the cyber war life and death.
These are Americans taking a serious enough.
-- you're right that the newspaper in China.
It's talks about the cyber security issue being responsible for the life and death.
Nations I think we're taking it seriously but one of the things that this report found.
Was that the exchanges have discovered that deterrence isn't working that regardless of how.
Law enforcement is trying to go against this problem that it's not finding and stopping the bad guys and if you can't stop the bad guys from acting.
Andy -- can't prevent them from.
Being successful all of the time.
Then you're -- you've got a big problem reports like this are it is particularly important because we're also seeing that terrorists are aware of this there isn't -- Jihadist recruiting videos that's specifically say go after the electric power -- go after the financial markets.
You've got I -- being accused publicly.
DDoS is against banks so.
They're aware of these issues and as we said before we've got China that seems to be able to get -- -- figure out well I got so it's an important issue I you know I got to tell you are absolutely right that deterrence is like 99% of it in the third and they're determined.
We've -- -- never blinked for a second you guys are fantastic I know I learned a lot we appreciate that you started a little bit but I also feel a little bit more company -- also thanks.
Filter by section