Trust is the fuel that makes the global financial system work — yet thanks to sophisticated operations by foreign government hackers who are increasingly willing to target that system, the risk of deliberate systemic disruption has never been greater. Even worse, soaring sovereign debt accumulated by governments worldwide has created an especially weak link susceptible to attack.
A dramatic rise in borrowing, especially by governments, has set the stage for a cyberattack to cause disruption that could cascade throughout the global economy. According to reporting by Bloomberg, U.S. Government debt is near $22 trillion — 40 percent of GDP — up from $9 trillion in 2007. Global debt of all kinds now tops $247 trillion, a staggering 320 percent of global GDP. These greater levels of debt are linked to higher levels of systemic financial vulnerability, according to a study by Columbia University’s Project on Cyber Risk to Financial Stability.
The full article is available at https://thehill.com/opinion/cybersecurity/425068-cyberattack-on-treasury-bonds-could-be-the-missing-ingredient-for-next