Global Financial System's Biggest Threat Is Cyber Security

Last week, Chair of Securities and Exchange Commission labeled cyber security as the biggest risk the global financial industry is facing right now.

This is evident from a recent cyber bank heist conducted in Bangladesh where hackers stole $81 million by using Swift, the global money transfer network.

The SEC has promised to increase the regulation for Swift itself by launching a new cyber security initiative this week that will include independent security audits of consumers. Meanwhile, financial officers from G7 nations also met in Japan to talk about the plans to improve cyber security on a global level through coordination.