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Bryan Yurcan
Bryan Yurcan
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How the Ukraine Crisis Is Affecting the Global Banking Industry

The conflict in Crimea has far-reaching effects on the banking industry.
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Continuing Cybercrime


 

Russia is in the news lately not only for the Ukraine conflict, but also for reports last week of a major cyber attack against JPMorgan Chase and at least one other bank by Russian hackers.

Cybercrime is nothing new for banks, and the largest institutions are the target of attacks on almost a daily basis. However, hacks by politically motivated activists may become more frequent as tensions between Russia and the West continue to rise. Carl Herberger, VP of Security Solutions at security solutions provider Radware believes for every real-world government action, there will be a cyber reaction.

"One can speculate that sanctions from the United States on Russia led to attacks on financial institutions like JPMorgan by Russian hackers," he says. "This is the latest example of this trend and isn't just a problem for Washington. We've seen this around the world, for example during the Arab Spring and ongoing Syrian rebellion. All governments need to understand that their actions can and will cause these cyber reactions."

 

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Byurcan
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Byurcan,
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9/8/2014 | 10:22:03 AM
Re: Russia is not Iran
That's a good point, and perhaps why Russia might have some more leverage than Iran when it comes to standing up to any potential sanctions.
Jonathan_Camhi
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Jonathan_Camhi,
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9/5/2014 | 1:17:01 PM
Re: Russia is not Iran
Russia's economy is so intertwined with tthe rest of Europe because of its energy resources that it will definitely have an impact on European economies that could hurt the already damaged financial system in the EU pretty badly.
Byurcan
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Byurcan,
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9/5/2014 | 9:02:12 AM
Re: Russia is not Iran
You're right, Iran isn't a large player in the world financial stage. Russia, however, has several major banks like Sberbank
Greg MacSweeney
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Greg MacSweeney,
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9/5/2014 | 5:39:51 AM
Russia is not Iran
When SWIFT moved to ban Iran from its payment network, it wasn't that big of a deal. Although large, Iran wasn't a large player in the global financial system. Russia, however, is a bigger player in the financial system. Removing it from SWIFT will certainly be noticed.
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