Last year, hackers used malware to steal $101 million remotely from a Bangladesh bank from thousands of miles away. Cyberattacks can be as debilitating and dangerous as conventional warfare — particularly in the financial sector, where a single attack could cripple or disrupt global financial systems. This kind of cyber-attack is emerging as a new frontier of potential conflict between nations. Yet there are no norms or policies governing the prevention of cyber financial attacks. So how can countries work together to prevent attacks on financial markets and institutions from rogue nations, and even non-state actors? Tom Carver discussed the threat with Michael Chertoff, former U.S. Secretary of homeland security, and Tim Maurer, co-director of Carnegie’s Cyber Policy Initiative.
Michael Chertoff is the co-founder and executive chairman of the Chertoff Group. He served as Secretary of the U.S. Department of Homeland Security from 2005 to 2009.
Tim Maurer is a fellow at the Carnegie Endowment for International Peace and co-directs its Cyber Policy Initiative. He is currently writing a book on cybersecurity and proxy actors.