Ghana

Cyberattacks pose main risk to US economy

Federal Reserve chairman Jerome Powell said he was more worried about the risk of a large-scale cyberattack than another financial crisis like that of 2008.

The risks of a 2008-like crisis with a need for government bailouts of banks were “very, very low,” the head of the US central bank said during an interview aired Sunday on CBS’s “60 minutes.”

“The world changes. The world evolves. And the risks change as well. And I would say that the risk that we keep our eyes on the most now is cyber risk,” he said, adding that that concern was shared by multiple governments and private businesses, particularly in finance.

Additionally, those organizations invest the most against cyberattacks, he noted.

Powell stressed that the Federal Reserve was considering different types of scenarios: “There are scenarios in which a large payment utility, for example, breaks down and the payment system can’t work. Payments can’t be completed. There are scenarios in which a large financial institution would lose the ability to track the payments that it’s making and things like that,” he said.

Football news:

Chiellini before the Italian Cup final: Juve wants to spoil Atalanta's fairytale
Goldman Sachs has opened a credit line for Barca for 500 million euros. 100 million will immediately go to the players' salaries
Barcelona is bidding for Lewandowski, but it has financial problems. The striker wants to play in La Liga
Lev will call up Hummels for the Euro 2020 squad. Mats has not played for Germany for 2.5 years
Golovin had the best season in Monaco, even with injuries. It is as variable as possible in attack
Bruno was named the best player of the season at Manchester United for the second year in a row
Chelsea have been in contact with Lewandowski, but Robert likes England less than Spain