We all know how subprime lending triggered the Global Financial Crisis of 2008. We also know how faced with only two options — financial meltdown or the transfer of state wealth to the banking sector — governments felt they had no choice but to save the system at a cost to the taxpayer.
But could something as innocuous as shoddy password management or a data breach lead to a very similar set of circumstances in the not too distant future?
A group of experts gathered at the World Economic Forum at Davos to talk about cyber-resilience seemed to think that, yes, yes it could.
via Cyberhacking as the next systemic banking risk | FT Alphaville
