Cyber attacks

Virtual war a real threat: The U.S. is vulnerable to a cyber attack, with its electrical grids, pipelines, chemical plants and other infrastructure designed without security in mind. Some say not enough is being done to protect the country.

Nasa computers that control spacecraft 'vulnerable to crippling hacker attacks

The Nation's Top Spy Agency Has Been Brought In To Investigate The NASDAQ Cyber-Attack

Are We Ready for a Financial Cyber Attack?

Even with agreement to work collectively, what could governments do to contain the attack? Could they isolate a single large bank or financial institution that may have come under cyber assault or become infected with a disabling worm? "We're still not appropriately positioned to take any individual major financial intermediary out of the picture—be it for cyber or financial instability reasons," acknowledges Jane Carlin, global head of operational risk management at Morgan Stanley in New York. 

Perhaps the toughest question, and one that will reside squarely within the Oval Office, is when to strike back, and against whom, if a state-sponsored cyber weapon is launched against our financial backbone. How do we prove who did it, and do we have to prove attribution before we respond? "Are we helpless in the face of those who would hijack servers in third countries to mount attacks?" asks Mr. Chertoff. 

Such a strike can be swift, silent and damaging. Estonia—and its two major banks—experienced what many believe was a cyber attack originating in Russia in 2007. It heavily disrupted online banking and other financial services for more than a week. 

No single approach can address all the nuances and layers of cyber war, particularly when it comes to the global financial system. But it's crucial for practitioners to come up with a plan, perhaps as members of a White House Cyber Council, that will enable the financial network to survive what surely one day will materialize as the silent shot heard 'round the world.