In a natural disaster or a terrorist attack, banks are as important as hospitals and police forces, according to Stephen R. Malphrus of the Federal Reserve. “Think about how much worse (an attack) would be if people could not withdraw cash from an ATM,” Malphrus said. Malphrus, staff director of the Fed’s Board of Governors, spoke Thursday to 350 bankers from Texas and other states during a Federal Deposit Insurance Corp. conference on protecting the nation’s financial sector from attack – a hot topic since Sept. 11, 2001. Panelists discussed how hackers and terrorists could cripple bank systems. Then they talked about ways to protect banks and how to communicate those plans to the public. Full Story
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