New York state financial regulator warns of cyber risk

In April 2021 the New York State Department of Financial Services issued a Report on the SolarWinds Cyber Espionage Attack and Institutions’ Response warning that the next great financial crisis could come from a cyberattack because with each passing day our world gets more interconnected.

The report ends with the following passage:

“The SolarWinds Attack should serve as a wake-up call.  Through a single vector, Russian hackers open back doors into thousands of organisations, including almost 100 companies in New York’s financial services industry.  Although none of the networks of the DFS-regulated companies were actively exploited, the SolarWinds Attack highlights the financial services industry’s vulnerability to supply chain attacks. 

The SolarWinds Attack confirms that cyber risks are a threat not just to consumers and individual companies, but to the stability and soundness of our entire financial services industry.  This is an existential threat and we urge the industry to treat it as such.”

The report is not long and is worth reading via this link.