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…
US Government Now Backstops Bank Cyber-Crime Risk
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.