US Government Now Backstops Bank Cyber-Crime Risk

A new level of cyber warfare is threatening the economic system, prompting the US government to quietly provide the largest banks a new risk backstop guaranteed by the taxpayers, according to a Bloomberg report. Bank cyber-crime: Mary Galligan steps-up Recent hacking attacks on four major banks, including JPMorgan Chase & Co. (NYSE:JPM), as well as attacks on various stock and derivatives exchanges, are evidence that cyber criminals, with potential backing from a nation state, have the capability to crack even the most secure companies, said Deloitte’s Cyber Risk Services Directory Mary Galligan, who participated in the recent government investigation of…