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Wednesday, September 3, 2014

The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

Aug 30, 2014 12:01 AM ET

Aug. 29 (Bloomberg) –- Deloitte Cyber Risk Services Director Mary Galligan and Bloomberg Contributing Editor Fabio Savoldelli discuss countering cyber threats and how to get intelligence that is actionable. They speak on "Market Makers." (Source: Bloomberg)
Bankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer networks. What they aren’t saying publicly is that taxpayers will probably have to cover much of the damage.

Even if customers don’t lose money from a hacking assault on JPMorgan Chase & Co. (JPM), the episode is a reminder that banks with the most sophisticated defenses are vulnerable. Treasury Department officials have quietly told bank insurers that in the event of a cataclysmic attack, they would activate a government backstop that doesn’t explicitly cover electronic intrusions, two people briefed on the talks said.

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