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We'll continue -- our discussion now of quantum Don Hewitt the cyber threat to financial let's bring in former -- risk management specialist at the World Bank currently Trend Micro as vice president of cyber security.
Tom Foreman joins us now from Washington talking up that net that -- guess that's our reporter actually spoke with a little -- by we heard he said.
The banks have some of the best sniper you know walls if you will.
In the world that yet set but has a different perspective on all of that so -- the truth there.
The truth is a financial sector in specific financial institutions have greater cyber security than most other industries however the most sophisticated hackers in the world.
Are targeting those very same institutions.
And you're seeing an evolution of -- -- new weaponry in the underground that can be utilized to bypass the walls that you describe.
You tell me you market the world bank and you coauthored -- study this is back in 2005.
About cyber attacks.
But at the time this wasn't something that was in the lexicon for for many of these banks now today.
All of the major players are participating right now Cessna.
The ones running the show what does that say to you about how bad these attacks have been against US bank.
So why would complement the industry as a whole for unprecedented information sharing especially with the government.
And a bilateral fashion.
However is that we've ushered in a new -- where indeed for modern day John Dillinger gangs are cyber capable and they're not just focused on stealing money.
They're focused on things like market manipulation front running insider trading broker a compromise and even impacting liquidity of markets -- -- capital flight out of the US economy.
It's not just individual actors but regimes like Iran who have been behind many of the attacks that we've seen of late.
You know this is Intel about today is I've heard it called basically a war game and I remember that movie from the eighties -- Matthew Broderick in a war games but this is what.
Basically is happening right now to take is kind of behind the scenes of of what's -- -- doing it's it's a fake exchange right that they've created.
Correct and and essentially they have the best people from the incident response team so the heads of cyber security from fifty various -- associations as well as department of homeland security and the regulators.
Partaking in the simulation with a red team acting as the adversary.
I'm hoping that the exercise itself is not just focus on denial of service attacks as we've spoken of in the past.
But more on -- in the attacks posed by targeted.
In nature attacks the develop destructive payloads that could destroy the back end systems a Trend Micro we've seen an increase of the use of destructive payloads.
Against the financial sector of -- share for the purposes of clean up mechanisms are counter incident response -- -- I think it is I don't want to get too technical but I do wanna think -- that you know have been it -- it's not to gloss over it but I mean this is JPMorgan.
This is Citigroup this is Bank of America and its banks large and small who frankly have the most to lose.
You know you lose you lose value -- you'll lose money I mean -- would you agree with that overall assessment of what's happening.
Very much -- safety and soundness can be put in jeopardy do these attacks trust and confidence is foundational to the sector.
The three institutions that you've named I would consider to be some of the most proactive in how they've managed cyber risk.
However they are also being targeted by the most sophisticated eastern European resilient and Middle Eastern -- in the world plot.
What we're three hours and -- they've -- until 230 and they don't know when this is Cummings says -- -- see how they react to.
You know this threat and between all these hours and how to handle what we saw -- -- -- Helena thank you time you.
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