OCC's DuChene warns smaller banks to beware of cyber threat

As cyber threats continue to grow for financial institutions, it’s no surprise that regulators are becoming increasingly concerned about the operational risks they give rise to. The OCC’s Carolyn DuChene talks to OpRisk about banks’ increased reliance on technology and the dangers that come with it

In February of this year, then US secretary of defence Leon Panetta told an audience at Georgetown University in Washington DC that cyber attack was a great and growing threat to the global economy. He pointed out that cyber attacks are striking at the private sector, government, the US defence department and intelligence agencies. "Cyber is now at a point where the technology is there to cripple a country," he said. "[It could] take down our power grid systems, take down our government systems