WASHINGTON—Some of the nation’s largest banks are now working with the U.S. Treasury Department by engaging in role play and sharing information they would have guarded closely in the past, as they seek to guard against the growing threat of cyber-attacks brought on by global tensions over the war in Ukraine.
“You’re only as good as your weakest link,” Ron O’Hanley, chief executive officer of State Street Corp., one of the largest U.S. money managers and custody banks, told Bloomberg. “Networks are put together not just by what you’re doing, but the vendors you’re relying on, the counter-parties you’re dealing with, even regulators you’re dealing with,” he said in an interview.
Range of Scenarios
As part of a broader move aimed at strengthening defenses, Treasury officials gathered executives of several top banks and practiced how they would reach one another and work together across a range of cyber-attack scenarios, Bloomberg said.
That simulation exercise included JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley. It ran through five hypothetical threat levels, ranging from minor assaults to a full-scale onslaught on multiple banks and critical payment systems, Bloomberg explained.
“You can invest in defenses, but that aspect of practicing over and over again, and continuous improvement, is the critical element in responding to the next threat,” J. F. Legault, global head of cybersecurity at JPMorgan Chase, told Bloomberg.
Declassified Intelligence
Treasury officials have also moved to declassify more intelligence to get it in front of financial executives, and to extend security clearance to more employees within the big banks, Bloomberg noted.
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