By MyBankTracker  Mon Nov 19, 2012

Cyberattacks Seen as Weapons of Financial Armageddon

“Live Free or Die Hard” could be more than just a great action flick — it may turn out to be a prophecy.

As the United States (and the rest of the world) becomes increasingly reliant on technology and the Internet, the threat of a cyber war is very real. Last month, Secretary of Defense Leon Panetta warned of an impending cyberattack or series of cyberattacks that could target the country’s critical infrastructure.

Recently, the nation’s largest financial institutions were victims of a cyberattacks that rendered their website inaccessible by customers. Some security experts are concerned that these attacks are used to divert banks’ attention from fraudulent activity that include unauthorized fund transfers.

With the rising number of threats to the banking industry and the entire country, there is increasing emphasis on the need to bolster cyber security.

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