- 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.
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A war in cyberspace is already raging and could lead to 'armageddon' if banks get hit
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.
GCHQ is currently analysing the dangers of allowing Huawei's products to be used across the UK's digital infrastructure.
Security of the banks is treated as national security issue because “ economic security is national security,” said Finan. That's why the US Department of Homeland Security is responsible for protecting 16 pillars of critical infrastructure which includes water, energy, transport and finance.
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