Cyber attacks a growing threat to US financial system

Washington

ONLINE attacks by ever-skilful hackers are a growing threat to the stability of the US financial system, according to a report by a top-level government panel released on Tuesday. The 2015 report by the Financial Stability Oversight Council (FSOC) said that although US banks and financial businesses have been leaders in erecting barriers to hackers, cyber attacks still present a potential systemic danger.

"Over the past year, financial sector organisations and other US businesses experienced a host of notable cyber incidents, including large-scale data breaches that compromised financial information," the report said.