According to the proposal document, SIFMA is hugely concerned about the financial industry’s dependence on critical infrastructure like the electric grid, which could be attacked online or in person, and does not have an optimistic view of institutions’ ability to stand up to cyber-criminals, terrorists or nation-states.
“The systemic consequences could well be devastating for the economy as the resulting loss of confidence in the security of individual and corporate savings and assets could trigger widespread runs on financial institutions that likely would extend well beyond the directly impacted banks, securities firms and asset managers,” the association wrote in the document, dated June 27.
Update: This post needs a bright side, so . . .