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-Today, 50 different Wall Street financial institutions are doing a mock cyber attack, everybody from Bank of America to Citigroup.
We appreciate Sahba for joining us.
And he, again, is in New York.
Sahba, thanks again for coming on here this morning.
-Thanks for having me.
-Or this afternoon as it be in New York.
-You know, we keep-- we keep hearing about cyber attacks and we know that certain people have been affected by that, but really the great majority of the country at this point have not been affected by cyber attacks in any significant way, but they are a significant threat.
Tell us how important this is-- this-- really this thing that's taking place in New York today, this practice, if you will, of a possible cyber attack against the big time institutions.
It's extremely important.
The initiative itself is called Quantum Dawn 2.
It's actually the second of this type of exercise that's been organized by a committee that is involved with the financial institutions and their industry group.
So, they set up the simulation where we're simulating cyber attack, a coordinated cyber attack, against a number of financial institutions.
So, it's significant number of ways and I think the place where it's more significant is that we haven't seen quite a coordinated type of attack yet and this is preemptive exercise to see that, how banks and other, you know, companies (small and large), how they coordinate, how they actually work together if they're all being attacked at the exact same time.
So, we've seen a number of cyber attacks and they've targeted one bank at a time.
For example, last year, I think there on September-- around September of last year, we saw that a number of banks were being targeted through a list.
So, there was actually a list produced by a hacktivist group and they were coming through on their promises.
So, they were hitting these banks one at a time and this is more of an exercise to see how they talked to one another, how they share information, and whether they can make key decisions in a timely manner.
-So, Sahba, a question, you know, this basically cyber fire drill was taking place in New York.
For those of us who were living on the West Coast or in Ohio or wherever they happen to be around the country, you know, why does this matter, why so many home right now on the computer watching the show, why should they care? -Well, you should care because financial institutions are actually part of our critical infrastructure of our country.
So, they are-- they are a big target and you can imagine if a bank is attacked one of the-- one of the things you might notice as a consumer is you might notice that you don't have access to the services you use every day you're your online banking for example or your mobile banking.
More importantly, nobody wants to get their credit card information stolen and this is also one of those activities that can be targeted, that goal specifically, so there are a number of-- number of different outcomes, I think, that an adversary might have.
One that, I think, we're all pretty familiar with is theft of data for their own gain.
So, getting access to credit card information.
So, if you were to lose your credit card information, somebody could potentially use that to make transactions across the world and we saw a couple of examples of this one recently where there was a coordinated attack where hundreds of thousands of withdrawals were done around the world.
And it resulted in millions of dollars of damage, so you as the-- as the owner of that credit card, you have some trouble that you need to go through to get a new card.
You might have some insurance involved, but it's a new sense and it's a disruption to your everyday life.
-You know, Sahba, before my next question, a couple of shout outs.
Brianna Wilson, Jess, Carolina Girl, and Koop Burton Burger are all watching.
I appreciate the-- them tuning in.
I think the big question for a lot of people at home, you talk about this a little, you touched on it a bit is, you know, when you hear about these big banks being hit, you think, oh well, it may happen to be a bay, it may happen to some, you know, big business or big corporation, but, you know, little me, I've got, you know, whatever in the bank, my checking account is a massive, I got a few credit card debts, they're not gonna go after me, right? -You-- There's a certain type of attack as well that targets consumers and you shouldn't necessarily think of it as someone that's targeting you, but what an attacker might do is they might target a large range of users.
So, the idea here is that if you try to target 100,000 users, you might actually be able to get to 5 of them.
So, while they might not be specifically after you, I think-- I think you're still a valid target and a valuable target to an attacker because, you know, your-- the value or the amount in your bank account might not be significant to then, but when you multiply that by a hundred, it is significant to then So, you're-- you know I think the adversaries are seeing you just as another point of entry into the bank's system.
So, for example, if you're not changing your passwords or, you know, if you're not taking on the right precautions, you might be the point of entry for them.
And from there, they can then branch out and cause a lot more damage.
So, I think everyone should be vigilant and it's all of our responsibilities to work together both as consumers as well as the individuals that are actually running these corporations.
Obviously, they have much more responsibility, but we should all do our part.
Sahba Kazerooni joining us in New York.
I appreciate your time.
I appreciate the input.
We'll obviously be following this security fire drill that's taking place with the 50 biggest corporations, some of the-- some of the 50 largest corporations on Wall Street.
I will be updating that as well.
You can find more at securitycompass.com.
You can find out more information about what they do to help protect you at home, protect companies as well.
I appreciate you joining us.
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