Banks could be required to beef up their online password systems under new regulations designed to avert a so-called "cyber 9/11," a top financial regulator said Wednesday.
Benjamin Lawsky, who leads New York state's Department of Financial Services, said more steps were needed to prevent what he called an "Armageddon-type cyber event" that disables the financial system.
The current password system for online accounts is "very vulnerable," said the regulator, who rose to prominence with big financial settlements negotiated with the US against BNP Paribas and other financial heavyweights.
"I am deeply worried that we are soon going to see a major cyber attack aimed at the financial system that is going to make all of us to shudder," he said.
