"Black Swan". The global financial system is preparing a controlled collapse with the help of a cyber attack
The influential German publication German Economic News publishes a forecast of a likely reformatting financial system through a massive cyber attack. Today, just because of one shutdown of Bloomberg terminals, there was panic in the financial markets.
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The publication writes: “International financial markets could become the scene of a massive cyber attack. Global financial flows are at risk. Even a state could be the mastermind behind the attacks.” The head of the International Organization of Securities Commissions warned last year of possible financial ruin from a massive cyber attack and called on national regulators to take action.
An unforeseen event that can become an important turning point in the economic system is figuratively called the “Black Swan”. “Apparently massive cyber attacks on financially interested parties will take place in the near future,” the publication believes. “The result could be a financial crisis.”
But the danger to financial markets may not necessarily come from private cybercriminals. Even state-sponsored cyber attacks on the financial market should be considered possible, German journalists say.
Last year, there were cyber attacks on the computer systems of banks in South Korea, which the country blamed on North Korea. Such attacks on banks and financial flows can massively damage the reputation of commercial and investment banks.
Richard Horne, a partner at cyber security firm Price Waterhouse Coopers (PwC), told the FT: “Financial markets are an interconnected world and depend on each other. A financial system is only as strong as its weakest link.”
Yesterday there was a massive panic in the stock markets, only because Bloomberg terminals went offline. Before that, a week ago, Larry Samers, in connection with the creation of the Asian Infrastructure Development Bank (a competitor to the IMF), which included US allies, announced the end of American hegemony.
A probable reboot of the financial system, according to German Economic News, with a massive collapse of certain parts of it, can take place with the help of a massive cyber attack on key points of the world's stock exchanges.
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