US preps big banks for Russian cyberattacks amid Ukraine crisis
FOX Business has confirmed officials at JPMorgan Chase, Citigroup, Wells Fargo and other big money center banks had meetings this week with government officials to review tactics Russia could use, along with warnings on Russian cyber activity.
Ticker Security Last Change Change % JPM JPMORGAN CHASE & CO. 140.15 -0.04 -0.03%C CITIGROUP INC. 57.35 0.06 0.10%WFC WELLS FARGO & CO. 51.38 -0.09 -0.17% Inquiries by FOX Business to the banks mentioned were not immediately returned.
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The meetings followed previous outreach from officials to these financial institutions.
“We don’t have the level of cyber resilience that we wish. Since the beginning of the administration, President Biden has made both domestic and physical resilience a priority,” said Anne Neuberger, Deputy National Security Advisor for Cyber and Emerging Technology, during a press briefing.
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“But on the other hand, one should always prepare for any contingencies. And we’ve been doing so sharing sensitive information, encouraging the private sector owners and operators to do the work they need to do to lock their digital doors. Essentially do the equivalent of putting on an alarm so one can rapidly identify if there is an intruder and quickly contain and respond,” she added.
Anatoly Maltsev/Pool Photo via AP (AP)
Late Friday President Biden addressed the nation on Russia and Ukraine.
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The president said he is “convinced” Russian President Vladimir Putin has made the decision to invade Ukraine, telling reporters that he believes Russia will “target the capital city of Kyiv.”
“As of this moment, I’m confident he has made the decision,” Biden said. “We have reason to believe that.”
The threat of a debilitating attack against a U.S. financial institution is not new. Last December Federal Reserve Chairman Jerome Powell was asked during his press briefing what risks he is concerned about.
(AP Photo/Jacquelyn Martin / AP Newsroom)
“I would say, you know, cyber risk, the risk of a successful cyberattack, is, for me, you know, always the most — you know, one that would be very difficult to deal with. I think we know how to deal with bad loans and things like that. I think more — a cyberattack that were to take down a major financial institution or financial market utility would be a really significant financial stability risk that we haven’t actually faced yet. So I could go on with a list of ‘horribles,’ but I think that’s a decent picture of where I would start,” Powell said.
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