What Happens if Banks Crash

Let’s say that the cyberwar goes really far and our banks are crashed.

Then what. Exactly what happens? This morning I read the the Russian Ruble is worth less than a penny.
Let’s say the dollar is worth less than a penny. What happens? Does that mean the prices at the store stay where they
Are? Does it not matter because people will be going nuts.

What happens to your mortgage or debt? Etc.

originally posted by: JAGStorm
What happens to your mortgage or debt? Etc.

Hopefully you'll be able to acquire enough worthless currency to settle it all in one payment.

originally posted by: JAGStorm
Let’s say that the cyberwar goes really far and our banks are crashed.

Not going to happen, all that data is backed up in multiple locations, the US's largest banks along with the issuers and acquirers have some of the best cyber security in the world.

a reply to: JAGStorm

WW3 has started... ppl are just too stupid to realize it!

a reply to: AugustusMasonicus

Not going to happen, all that data is backed up in multiple locations, the US's largest banks along with the issuers and acquirers have some of the best cyber security in the world.

Multiple locations can be hit… Also, my guess is that these locations are in cities 😳

Let me refresh your memory, remember that little snapfu when Texas had it’s ice storm and some banks went down. Yeah, that didn’t give me the warm fuzzies about our bank systems.


Cyber Security… that word makes me laugh. Let me tell you if people want to get in, they get in, and it doesn’t take long.

a reply to: combatmaster

Except the real one has been going on for some time .

Ukraine is just surface drama with some civilians unwittingly acting as Crisis actors .

originally posted by: JAGStorm
Let’s say that the cyberwar goes really far and our banks are crashed.

Then what. Exactly what happens? This morning I read the the Russian Ruble is worth less than a penny.
Let’s say the dollar is worth less than a penny. What happens? Does that mean the prices at the store stay where they
Are? Does it not matter because people will be going nuts.

What happens to your mortgage or debt? Etc.

banks don't crash. banks create manufactured crisis.

originally posted by: JAGStorm
Multiple locations can be hit… Also, my guess is that these locations are in cities

They're not, the data centers are located elsewhere.

Let me refresh your memory, remember that little snapfu when Texas had it’s ice storm and some banks went down. Yeah, that didn’t give me the warm fuzzies about our bank systems.


Cyber Security… that word makes me laugh. Let me tell you if people want to get in, they get in, and it doesn’t take long.

That wasn't a cyber issue nor would it cause the dollar to significantly drop in value.

a reply to: JAGStorm

Multiple locations can be hit… Also, my guess is that these locations are in cities

AM is correct in his statement. That data is backed up in places you can't imagine.

Let me refresh your memory, remember that little snapfu when Texas had it’s ice storm and some banks went down. Yeah, that didn’t give me the warm fuzzies about our bank systems.

In a massive power or internet outage, everything is down, not just the banks, but no data loss was suffered. So yes, the banks can be non-functional, but unlikely to "crash" as you put it.

Cyber Security… that word makes me laugh. Let me tell you if people want to get in, they get in, and it doesn’t take long.

At the consumer level, you would be right, security is more an illusion than real. At the corporate level, it's better than you might think. The approach to security is wholly different at that level.

originally posted by: Klassified
At the consumer level, you would be right, security is more an illusion than real. At the corporate level, it's better than you might think. The approach to security is wholly different at that level.

And at the commercial banking level it rivals what governments can do since they can actually pay top dollar for development and infrastructure.

a reply to: AugustusMasonicus

At the consumer level, you would be right, security is more an illusion than real. At the corporate level, it's better than you might think. The approach to security is wholly different at that level.

I worked in IT we hired ethical hackers. It made me realize there is no security.
We are talking a giant, one of the largest companies on earth type of companies with endless money for “security” type of place.

originally posted by: JAGStorm
I worked in IT we hired ethical hackers.

IT isn't cyber security, we don't speak to IT in my line of work since they treat cyber as a transactional solution and not a requirement. The companies we work with are the issuing banks from EMV, which are the largest in the world. They spend huge amounts on cyber each year.

originally posted by: AugustusMasonicus

originally posted by: JAGStorm
I worked in IT we hired ethical hackers.

IT isn't cyber security, we don't speak to IT in my line of work since they treat cyber as a transactional solution and not a requirement. The companies we work with are the issuing banks from EMV, which are the largest in the world. They spend huge amounts on cyber each year.

This is all I need to know

While bank deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation (FDIC) for participating institutions, the banks themselves have no federal guarantee to solvency in the event of a major cyberattack.

www.investopedia.com...

The risk of a bank failure from a major cyberattack is not far-fetched. Almost all financial institutions have experienced a cyberattack in one form or another, and the number of attacks is only increasing. Financial firms are 300 times more likely than other institutions to experience them, according to the Boston Consulting Group.1 The increasing risk of cyberattacks and the potential impact on banks is a top concern for financial institutions and the government. Here is a look at how and why banks are at risk and what the effect of a cyberattack might be.

Sounds like you feel super secure in your banking.

dup

originally posted by: JAGStorm
This is all I need to know

Not really seeing what FDIC insurance has to do with this, that's been a thing for decades.

Sounds like you feel super secure in your banking.

I am. I use Chase and Visa, because I know what kind of internal operations they run and I am not concerned. Utility companies and retailers scare me, they are not as proactive.

a reply to: AugustusMasonicus
Seriously you are delusional, you are owned by China, as is half the world

a reply to: AugustusMasonicus

www.bankinfosecurity.com...

Chase Breach Affects 76 Million Households

"This breach is really serious - Chase is one of the most secure banks out there," says financial fraud expert Avivah Litan, an analyst at the consultancy Gartner. "It's a national crisis. ... We are all under attack, and this is not isolated to Chase."

This was a breach, which is probably just personal info, but that means they got in...

originally posted by: Raggedyman
a reply to: AugustusMasonicus
Seriously you are delusional, you are owned by China, as is half the world

Or he works in security for one of those banks. LOL.

originally posted by: Raggedyman
Seriously you are delusional, you are owned by China, as is half the world

Great reply, very well thought out rebuttal.

a reply to: JAGStorm

That's from 2014, do you not think that compelled them and the other banks to rethink their cyber roadmap in the past 7 years?