With cyber attacks against financial and banking institutions now a daily occurrence, cyber threats have become the biggest risk to the global financial system, according to Federal Reserve Chairman Jerome Powell. During an interview on CBS News’ 60 Minutes, Powell said cyber risks surpass even the types of lending and liquidity risks that led to the Great Recession in 2008. The chances of a financial collapse akin to 2008 are “very low,” he said. “But the world changes, the world evolves, and the risks change as well. The risk we keep our eyes on the most is cyber risk.” If... Read more →