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Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any Time

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Cyberattack - Public DomainWall Street banks are getting hit by cyber attacks every single minute of every single day.  It is a massive onslaught that is not highly publicized because the bankers do not want to alarm the public.  But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem.  The truth is that our financial system is not nearly as stable as most Americans think that it is.  We have become more dependent on technology than ever before, and that comes with a potentially huge downside.  An electromagnetic pulse weapon or an incredibly massive cyberattack could conceivably take down part or all of our banking system at any time.

This week, the mainstream news is reporting on an attack on our major banks that was so massive that the FBI and the Secret Service have decided to get involved.  The following is how Forbes described what is going on…

The FBI and the Secret Service are investigating a huge wave of cyber attacks on Wall Street banks, reportedly including JP Morgan Chase, that took place in recent weeks.

The attacks may have involved the theft of multiple gigabytes of sensitive data, according to reports. Joshua Campbell, supervisory special agent at the FBI, tells Forbes: “We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions.”

When most people think of “cyber attacks”, they think of a handful of hackers working out of lonely apartments or the basements of their parents.  But that is not primarily what we are dealing with anymore.  Today, big banks are dealing with cyberattackers that are extremely organized and that are incredibly sophisticated.

The threat grows with each passing day, and that is why JPMorgan Chase says that “not every battle will be won” even though it is spending 250 million dollars a year in a relentless fight against cyberattacks…

JPMorgan Chase this year will spend $250 million and dedicate 1,000 people to protecting itself from cybercrime — and it still might not be completely successful, CEO Jamie Dimon warned in April.

Cyberattacks are growing every day in strength and velocity across the globe. It is going to be continual and likely never-ending battle to stay ahead of it — and, unfortunately, not every battle will be won,” Dimon said in his annual letter to shareholders.

Other big Wall Street banks have a similar perspective.  Just consider the following two quotes from a recent USA Today article

Bank of America: “Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that we will not suffer such losses in the future.”

Citigroup: “Citi has been subject to intentional cyber incidents from external sources, including (i) denial of service attacks, which attempted to interrupt service to clients and customers; (ii) data breaches, which aimed to obtain unauthorized access to customer account data; and (iii) malicious software attacks on client systems, which attempted to allow unauthorized entrance to Citi’s systems under the guise of a client and the extraction of client data. For example, in 2013 Citi and other U.S. financial institutions experienced distributed denial of service attacks which were intended to disrupt consumer online banking services. …

“… because the methods used to cause cyber attacks change frequently or, in some cases, are not recognized until launched, Citi may be unable to implement effective preventive measures or proactively address these methods.”

I don’t know about you, but those quotes do not exactly fill me with confidence.

Another potential threat that banking executives lose sleep over is the threat of electromagnetic pulse weapons.  The technology of these weapons has advanced so much that they can fit inside a briefcase now.  Just consider the following excerpt from an article that was posted on an engineering website entitled “Electromagnetic Warfare Is Here“…

The problem is growing because the technology available to attackers has improved even as the technology being attacked has become more vulnerable. Our infrastructure increasingly depends on closely integrated, high-speed electronic systems operating at low internal voltages. That means they can be laid low by short, sharp pulses high in voltage but low in energy—output that can now be generated by a machine the size of a suitcase, batteries included.

Electromagnetic (EM) attacks are not only possible—they are happening. One may be under way as you read this. Even so, you would probably never hear of it: These stories are typically hushed up, for the sake of security or the victims’ reputation.

That same article described how an attack might possibly happen…

An attack might be staged as follows. A larger electromagnetic weapon could be hidden in a small van with side panels made of fiberglass, which is transparent to EM radiation. If the van is parked about 5 to 10 meters away from the target, the EM fields propagating to the wall of the building can be very high. If, as is usually the case, the walls are mere masonry, without metal shielding, the fields will attenuate only slightly. You can tell just how well shielded a building is by a simple test: If your cellphone works well when you’re inside, then you are probably wide open to attack.

And with electromagnetic pulse weapons, terrorists or cyberattackers can try again and again until they finally get it right

And, unlike other means of attack, EM weapons can be used without much risk. A terrorist gang can be caught at the gates, and a hacker may raise alarms while attempting to slip through the firewalls, but an EM attacker can try and try again, and no one will notice until computer systems begin to fail (and even then the victims may still not know why).

Never before have our financial institutions faced potential threats on this scale.

According to the Telegraph, our banks are under assault from cyberattacks “every minute of every day”, and these attacks are continually growing in size and scope…

Every minute, of every hour, of every day, a major financial institution is under attack.

Threats range from teenagers in their bedrooms engaging in adolescent “hacktivism”, to sophisticated criminal gangs and state-sponsored terrorists attempting everything from extortion to industrial espionage. Though the details of these crimes remain scant, cyber security experts are clear that behind-the-scenes online attacks have already had far reaching consequences for banks and the financial markets.

In the end, it is probably only a matter of time until we experience a technological 9/11.

When that day arrives, will your money be safe?

  • djc

    Money in the bank is merely entries on a ledger. There is nothing truly physical present except random 0’s and 1’s on a computer screen or ink on paper. Once confidence in the system is broken money ceases to exist.

  • GSOB

    That’s cyber evolution for ya

    • Richard

      GSOB, what is your photo a picture of?

      • GSOB


        • Richard

          Can’t make heads or tails of it.

          • Malfador

            Drum set

          • Richard


  • Hillbilly

    I guess a crash is a crash it’s going to happen one way or another

    • alan

      It seems that way, by design or accident looks like that may be the case.

  • kfilly

    The banks will probably use an EMP against themselves and blame some “right wing extremists”. Should be interesting.

    • Richard

      You got my vote. Megalomaniacs are clever. Ordinary folk can’t know what craziness they might do. High profile Government clowns? are publicly talking of another 9-11 style attack next month. Are They setting the table? Been 13 years since the last one next month. TPTB are occultist and 13 has evil connotations for them.

    • none

      J.P. Morgan is owned by the Chinese!
      The Chinese do not negotiate!
      They will find who stole their money and kill them!
      President Obama can waffle around this, since the Chinese might even inform him of what they did to them!

      • Firstgarden

        Another game of golf rudely interrupted.

    • hey ho Steverino

      Never thought of that.

    • davidmpark


    • Firstgarden

      No, Bush did it.

  • Tom Dockery

    Since they send paper copies to you,doesn’t it follow that they should have them as well?

  • K

    Yes, they may use a cyber attack, to cause the crash. And I agree, you have to have some money to live. But just remember, those same type of computers, run your power grid. They also keep your nuclear plants, from going critical. So many are so in love with technology, they do not recognise its’ weaknesses..

  • Mike Smithy

    FYI, Dave Hodges at the X-22 Report has some very intriguing theories about a false flag cyber attack.

  • GSOB

    The United States has the highest corporate income tax rate in the world at a whopping 40 percent.

    • Mike Smithy

      Actually, the USA has the 2nd highest corporate tax rate at 35%. Japan is the highest at 38%. I think we can both agree that Japan is not the model that any country should want to emulate.

      • GSOB


        • Mike Smithy

          Your’e right GSOB, I stand corrected. I was citing old data via Forbes. USA does in fact have the highest corporate tax rate in the world.

          • DerpDerp


    • Hammerstrike


      Does that include inflation?

    • Gay Veteran

      and how many corporations actually pay 40%?

  • Bruce

    If we have an EMP then the effects on us as a whole will dwarf the problems on wall street

    • Richard

      They actually have weapons systems now that can be mounted on what looks like a drone aircraft and can shoot bursts of a highly directed EMP onto a single building or any multiple of individual targets. The electronics within the targeted building are all fried.


        Lord have mercy!

      • Hammerstrike

        Depending on how difficult it is to build such systems, it would be night impossile to realistically blame that on a small group of civilians or even rogue soldiers.
        A larger group of dissidents with more extensive technical knowledge and access to equipement would only imply systemic incompetence or worst, that sizable parts of the gov and military are internally compromised.

        • Richard

          These weapons systems are already here. Of course, rogues an rebels would Not be the end users. Just like they were Not the ones who did the 9-11 attacks. I leave That for you to determine Who were/will be the users of these weapons.

          • Daddyotis

            Please provide some backup and evidence of what “these weapon systems” are and that they are currently “here”

          • Richard

            Do your own homework. Go to google and type in “drone mounted emp weapons”. This knowledge has been out there for a couple years or more. That’s when I came across it. Also, know this. Whenever a new weapon system hits the mass media, then that system has been around for years.

          • K

            Yes I made mention of this program last year. To all interested. Google Boeing Champ program. By now I am sure the fields trials have completed. And the weapon is fully available.

          • Richard

            Update: Just read this morning about “suitcase electromagnetic weapons” So, that’s a No Brainer really. Since they have had these weapons mounted on drones for years – How much easier to simply place an “EMP” weapon inside a suitcase? Please, Think about that.

        • Richard

          Hammerstrike, Please see my latest Update below on “EMP” weapons that I gave to Daddyotis.

  • DO NOT BELIEVE IT. Its another gigantic PsyOp.

    1. They could now effectively take all your money out and blame it on Hacking, Cyber Theft.

    2. They could claim to be the victim of cyber attack for their bad investments and ask the world to “Bailed Them Out” again.

    3. They could stop the Bank withdrawals when the cabal decide on some cyber terror and make you stop withdrawing from ATMs.

    4. They could make some fraudulent transactions in your bank account and accuse you of being part of some cyber gang.

    DO NOT BELIEVE anything these Psychopaths say….It has been proven countless time…Banksters are 1st degree Psychopaths….They have never said a truth in ages now….

    Common…Why are we believing these Psychos? Haven’t they already caused enough misery in our life’s?

    They have all technology and money in the world to stop this. They just love to play the Victim card.

    • alan

      They could get on a computer from somewhere else and hack their own bank. Then get a bail out.

      • toadsticker

        In the 70’s, I knew a guy that owned a bar and ran a superbowl square sheet worth $5 a square or $500 total. A lot of money back then. The police busted his game. Word was that he called the police anonymously and turned himself in. He told the police he didn’t have the $500 and had to pay a $200 fine. He made $300 that he didn’t pay out to his square holders. He was an alcoholic and probably drank the money away. But, this is exactly how the sleazy bankers and fund managers rip off their clients, especially with this “cyber” threat. By the way what ever happened to the ex-governor of New Jersey and the MF Global scandal? He was just like Madoff. What happened to him?

    • toadsticker

      Exactly, it’s a ruse to cover up or get them off the hook and bailed out again and insure that they stay on the top as the king of the hill. I agree 100%

    • Firstgarden

      Some good thought there. I like it. But remember, outside cyber attack is still VERY REAL.

  • Anonymous

    We are anonymous,

    We are legion,

    We do not forgive,

    We do not forget,

    United as one,

    Divided by zero,


    • Ian

      I don’t like anonymous. It seems cowardly. And legion? Sounds like an army of demons. I’m using my real name. I am Ian. I hate evil. I love Jesus

      • Sure

        Yes, it seems cowardy, just ask Snowden and Assange for a less subjective perception.

        Especially when hating it is about as much as you contributes against it.
        Rome had an empire nearly half the size of the united states, how did that come to be?

        • Ian

          I don’t know. I hate anarchy, which sounds what anonymous is about. I’m against big government but still believe in righteous laws. I believe in forgiveness. I wasn’t in Rome at the time. Maybe it was their growing progressivism. Allowing a decline in morality. What’s your take?

          • Dave Jenkins

            2 of the main reasons for the downfall of the Roman Empire were : 1. Foreign invaders from the north. 2. Political corruption and greed.

            The foreign invaders of the American Empire are mainly coming from the south, which is the only difference.

          • Richard

            True. 1.Our Foreign invaders are from the south primarily. But. 2.We have TREASON from within the Highest levels of Our (Used To Be) Government. This is the Reason for #1.

          • Hammerstrike

            Rome was able to defeat barbarians when it was just a city.

            The Roman society itself changed, from one capable of conquering barbarians to one unable to even resist them.

  • Priszilla

    As you have pointed out, most Americans don’t have money. So why the fuss?

    • Hammerstrike

      Theft from thieves doesn’t particularly bother me.

  • Ian

    Russian hackers. Chinese hackers. What about NSA hackers?

  • randyfreedom

    What you need to do is “self-insure” against an EMP or other crash. 1-own physical gold and silver. 2-keep cash in the house. 3-PRINT your ALL of your financial records DAILY and keep them SAFE. 4-Limit your exposure to digital currency.

  • Herbert

    They’ll use cyber weakness in the banks to bring it all down, while militarized police force is in place…

  • Undecider

    It’s not a problem for people who use cash.

    • Richard

      Until you run out of cash

    • Ian

      Cash is paper

  • DJohn1

    The cheap bankers need to quit using the Internet.
    The only real security is to avoid the internet all together and put your own internet in place for banking purposes only. That internet has to be secured with a language most of the world does not know about.
    A whole lot of the trouble is lack of enforcement in the Internet at places like China, India, Japan, and Korea. Taiwan also is a hot bed. I think governments actually are paying people to sabatage our computers in an all out war. That war is no secret to anyone. That is why antivirus programs exist.
    I own computers. If I want something secure it is as simple as unplugging the cat5 cord into the computer. Disconnect any wifi connections as well. I use a program called Edubuntu which is an offshoot of Ubuntu. I always use the trailing edge because the programmers have taken out the major errors. The new XP will be Windows 7.
    I personally recommend UNIX as an operating language instead of C Plus Plus as used in Windows systems. Linux, Macs, and also Android have all switched to one of the six UNIX systems out there.
    The problem is that every computer in the world has some form of Windows on it.
    After all these years and despite efforts by Microsoft to kill it, their XP system is on millions of computers world wide.
    It will take a massive effort to bring people up to date with 8.
    Microsoft is even risking anti-trust action against them to do this.

  • Km

    If it was a real threat, they would do everything in their power to stop it! It’s called wealth redistribution!

  • horseless headsman

    And that money doesn’t even count their Red Team

  • Agustas Atagatwango

    I’m in… turn to America!

  • Priszilla

    First rule nowadays: don’t use your smartphone for online banking or credit card payments.

  • Priszilla

    Reception of cell phones is no indication when there are antennas inside the building. Server rooms might be shielded, especially in banks.

  • TheSkeptic

    There will be no crash. Yes, there will be stock market corrections, recessions, and inflation. But I assure you, the sky will remain in place. Seriously, get smart people.

    • peace angel

      The Skeptically UNINFORMED

      Being a proclaimed skeptic is likely as good a cover as any for being UNINFORMED.

      After 40 years of researching and working within our federal gov. I can assure you that the sky is the ONLY thing that is going to remain in place and YOU need to seriously GET INFORMED.

      • TheSkeptic

        Could you pleas expand on that?

  • FortuneSeek3rz

    It could crash it but there are back up systems that would restore all the data pre-crash. This would be a scare tactic but wouldn’t have lasting consequences most likely.

  • El Pollo de Oro

    The banking system in The Banana Republic of America is like a terminal patient on life support with so many different chronic conditions that it’s hard to keep track of them all. When I worked in hospitals in the past, there were patients like that. They had cancer, but the doctors also had to worry about their diabetes or heart conditions or high blood pressure. Well, that’s how preppers are looking at the banking system in the BRA. If one thing doesn’t bring the banking system down, something else will. There was no real banking reform after the panic of 2008. The bailouts from Dumb-Ya Bush and Barack “Goldman Sachs” Obama only made the banksters more reckless. Since I’m using medical analogies, the patient had open-heart surgery and multiple cancer surgeries in 2008 and 2009 but decided to start smoking two packs a day instead of one.

    The possibility of a major cyber attack would be a big concern even if the banking system were healthy, but the system is diseased on so many levels. A major cyber attack would be equivalent to exposing the patient to the ebola virus when the patient has already had prostate cancer and skin cancer (or both), Type 2 diabetes, high blood pressure, heart disease, hypertension, obesity and asthma. Preppers have numerous reasons for prepping in nuestra república bananeira, and the fear of a big cyber attack is one of them.

  • davidmpark

    Seriously: cold hard cash. Hide it in the mattress or bury it in the backyard.

    And some metals wouldn’t hurt either. Not just the usual gold, silver, platinum, and palladium. Look into nickel and pre-1983 copper pennies, too. Not everyone can afford precious metals, and the melt value for a nickel these days is $0.05 exactly (based on nickel metal content), and a pre-1983 penny goes for $0.02 in copper. They have worth. Even the pre-Obama 90% zinc pennies have worth. Anything after 2010 is next to junk. Also ask your bank for any half-dollars. Sometimes you get a 1970-1965 coin that is 40% silver. The 1964 and earlier coins are 90% silver.

    And don’t dismiss the lesser value metals, either. A few ingots can go a long way – especially in these volatile times.

    • Joe Kleinkamp

      I watched fist fights break out at work between guys who were vying for the discarded aluminum cans in trash bins. Probably larger scale wars going on over the aluminum siding that’s left on abandoned (even occupied) homes in places like Detroit. Maybe they’d kill for an abandoned Airstream. I knew a farmer who paid a few good old boys to remove a house trailer from his property. Two days later the hulking remains sat there minus its aluminum and sits there still. Last year there was a story in the news about a car dealership that was raided overnight by thieves with torches who stole a bunch of catalytic converters for the platinum and palladium in them which are both more valuable than gold. Copper plumbing is another target for scrapper / thieves. Yes, there is value in metal besides gold and silver. Hell, even a junk car will get you $13 / hundred pounds or so. Then it’s off to the Chinese to be recycled and shipped back to us in the form of manufactured steel products. Sometimes I get drunk and talk to my refrigerator pretending it’s the grandson of my old pickup. (Kidding)

  • liberalsaretotalexcrement

    everything is a conspiracy, bwahahahahahahahaha

  • JailBanksters

    That’s the plan, either a War or a Cyber attack…..
    But the Federal Reserve has to be done with QE’ing to infinity first or they will blamed for breaking the bank and bankrupting the Nation. Funny how this was predicted years ago, and it’s all happening right now.

  • Black

    No, duh. They admit this now because when it comes time for the wall st crime syndicate to take their chips off the table, they’ll use a “cyber attack” to disappear our savings and 401k’s

  • Selaretus

    I hope the entire Wall Street Ponzi clusterf*** crashes to the ground and burns permanently along with all the phony ‘portfolios’ of the pigeons that think they are rich.

  • Firstgarden

    “In the end, it is probably only a matter of time until we experience a technological 9/11.”

    That’s the understatement of the year.

  • CharlesH

    Well – we’re seeing what happened to JPMorgan Chase just recently (10/3/14).

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