Last week, the chair of the Securities and Exchange Commission called cybersecurity the biggest risk facing the global financial industry.
“Cyber risks can produce far-reaching impacts,” said SEC chair Mary Jo White.
For example, cybercriminals recently stole $81 million from a bank in Bangladesh by using Swift, the global money transfer network.
The SEC promises to step up regulation and Swift itself is expected to launch a new cyber security initiative this week that includes independent security audits of its customers. Meanwhile, top finance officials from G-7 nations met in Japan to discuss plans to improve global cybersecurity coordination.