Fed has been under heavy cyberattack

Jun 1, 2016AI World Society Summit


The U.S. Federal Reserve System has detected more than 50 cyberbreaches between 2011 and 2015, with several incidents called “espionage’’. Most observers speculate that Russia and/or China, which are engaged in continuing cyberattacks against the U.S., are doing these attacks.

The central bank’s staff suspected hackers or spies in many of the incidents. Of course, the Fed’s computer systems play a critical role in global banking and hold confidential information on monetary policy that drives financial markets.

The edited records do not say who hacked the bank’s systems or whether they got sensitive information or stole money.

“Hacking is a major threat to the stability of the financial system. This data shows why,” said James Lewis, a cybersecurity expert at the Center for Strategic and International Studies, a Washington think tank, told Reuters.