Description: Household debt. Inflation. A recession. All these are among the things that could trouble the governor of the Bank of Canada, Stephen Poloz. But among the list of things that could keep him up at night, CTV news says Governor Poloz fears a cyber attack focused on the financial system as possibly number one. Such an attack could quickly undermine confidence in the financial system – a system which operates on confidence. There were at least 8 high profile cyber attacks on banks in 2016, with one bank in Bangladesh losing $81 million in an electronic theft.
Date: October 26, 2017
1) Have you ever been hacked? What happened?
2) How could a cyberattack undermine confidence in the banking system?
3) In Chapter 7 of Wiley’s Financial Accounting: Tools for Business Decision Making you can learn about various application controls. Which application controls could a bank employ to prevent or detect a cyberattack?