Hack Attack: Fed Chair Jerome Powell Warns Of Impending Cyberattack On Financial System And Federal Reserve
“I’d have to say that the thing that worries me the most is really cyber risk. You know it’s a constant concern."
Federal Reserve Chair Jerome Powell recently hinted again that they and the world are not prepared for a cyberattack against the financial system, something he has reiterated several times during his tenure.
Powell, who is set to no longer be the Fed head in May and retire as a Fed Governor in 2028, disclosed his worries about a cyberattack in a March interview hosted by Harvard University.
The host asked Powell about impending threats being brought on by insolvency in commercial real estate, private credit markets under immense pressure and fears of a meltdown, and concerns of cybersecurity risks brought on by AI, and Powell was asked if these things could lead to another financial crisis akin to the Great Recession or worse in the near future.
Powell said a cyberattack is at the top of his list.
“The real thing though is the financial sector is just always evolving rapidly, and I think vigilance is what you need. You just need to always know that there’s another thing coming.
“So and I think in particular we've had all kinds of financial crises but we've never really had a successful cyberattack on a large financial utility, let's say, or financial institution and that would be quite a different thing, you know, if people are going to lose money in a certain part of the economy, we have a hugely resilient financial system.
“Now, it’s more about resilience than it is about avoiding crisis. One of our former people used to say that we're in the levy building business, not the hurricane prevention business, right? So, they're going to be hurricanes and they're going to come, and you just have to assume you won't know what direction or what the nature of it will be.
“So, you want a highly resilient financial system — and we do have that, but again, nobody who's in that business will ever give you a green light. They'll always say here these are the risks and we got to monitor.”
Last week, Powell and Treasury Secretary Scott Bessent, along with the heads of some of the largest superbanks in the U.S., met to discuss the cybersecurity risks posed by Anthropic’s latest secretive AI model, Mythos. These banks were warned to be prepared for risks created by this new model. The new tool, which was given a soft launch earlier this month, has already been able to detect errors in code and cybersecurity lapses in major institutions and websites. Anthropic is afraid to fully release the tool to the public yet because of fears that hackers will leverage the tool and wreak havoc on cyberspace and financial institutions.
Powell has warned about a cyberattack taking down the financial system for years.
In 2021, Powell told CNBC that one of the top risks the Fed is looking at is “Cyber risk, the risk of a successful cyberattack, is, for me, always the most that would be very difficult to deal with. I think we know how to deal with bad loans and things like that, I think more a cyber attack that were to take down a major financial institution or financial market utility would be a really significant financial stability risk that we haven’t actually faced.”
Months prior, Powell echoed worries similar to those issued last month. Powell told representatives Semiannual Monetary Policy Report to Congress:
“I’d have to say that the thing that worries me the most is really cyber risk. You know it’s a constant concern. And we spend lots of resources on it, so does the private sector. We have a playbook for bad lending and bad risk management.
“…as you see, with the ransomware issues…now it’s just an ongoing race really, to keep up. And we haven’t had to face a significant cyber event from a financial stability standpoint, and I hope that we don’t. But that’s the thing that I worry the most about.”
In 2022, Powell told a Senate Banking Committee that he and the Fed are on “high alert” for cyber risks.
Moreover, in 2024, during an interview CBS’ 60 Minutes, Powell said that his confidence that the Fed and banking sector are secure from cyber threats is “day by day.”
Furthermore, during a House Financial Services Committee hearing, Powell was asked if Iran could target the Federal Reserve. Powell did not directly answer the question, but did say he coordinates with other banks and governments on how to mitigate risk for potential attacks from foreign adversaries.
AUTHOR COMMENTARY
‘They’ always tell you what’s going to happen before they do it…
I have repeatedly warned for many years now that an imminent “cyberattack,” EMP, grid-down scenario, whatever you want to call it, will be deployed in the not-too distant future.
I recently discussed this in an interview with Dan Fournier:
Again, for the umpteenth time, WEF founder Klaus Schwab warned in 2020 that a “cyber pandemic” would make the Covid War look like child’s play, as critical infrastructure, utilities, and financial institutions and more would collapse and send the world into utter chaos and disarray.
For those who are confused as to why a cyberattack — because I still see comments not understanding the bigger picture — you need to consult the WEF’s Cyber Polygon simulation they did years ago, predicting and scripting massive cyberattacks just as “Covid” was scripted and planned for years.
Unlimited Hangout has a great article detailing this and I highly recommend that you read it. A snippet of that article reads:
Though Cyber Polygon 2021 is months off, it was preceded by Cyber Polygon 2020, a similar WEF-sponsored simulation that took place last July in which speakers warned of a coming deadly “pandemic” of cyberattacks that would largely target two economic sectors, healthcare and finance. Cyber Polygon 2020 was officially described as “international online training for raising global cyber resilience” and involved many of the world’s biggest tech companies and international authorities, from IBM to INTERPOL. There were also many surprising participants at the event, some of whom have been traditionally seen as opposed to Western imperial interests. For example, the person chosen to open the Cyber Polygon event was the prime minister of the Russian Federation, Mikhail Mishustin, and its main host, BI.ZONE, was a subsidiary of the Russian-government-controlled Sberbank. This suggests that the overused “Russian hacker” narrative may be coming to an end or will soon be switched out for another boogeyman more suitable in light of current political realities.
A “cyberattack” would act as the perfect pretense to justify the rapid acceptance of a new tokenized, blockchain, digital ID, omni-AI financial and pre-crime system. They’ll make up some ruse (just like they did in 2020) as to why we need this new technology — safer, faster, more secure, etc. — and people will be in such a fright and disarray many will accept it.
Isaiah 32:7 The instruments also of the churl are evil: he deviseth wicked devices to destroy the poor with lying words, even when the needy speaketh right.
A “churl” in this context is a miser, an extremely covetous person.
I have other reports on the subject below and some things you can do to prepare as best as you can:
Proverbs 27:12 A prudent man foreseeth the evil, and hideth himself; but the simple pass on, and are punished.
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On one of his missionary journeys, the apostle Paul visited Athens, Greece, where he said he witnessed “the city wholly given to idolatry,” and who were “too superstitious” and worshipped a plurality of gods and deities, though the people acknowledged that there was still one God above all that was a mystery to them. When questioned by the philosophers …
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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A true bank notice to pay attention too, heard an honest, think by accident review about new terms and conditions, an option within 54 pages is to accept a “free service” for constant monitoring to alert account holder to let them know of daily spending habits, blah, blah, blah. When I asked the bank employee if he understood this was about sharing our data everywhere, silence, asked again, silence. But it’s a free service. It sounds like AI at woek, but it’s free, such a deal.
The mere fact it's an "IMPENDING" cyber attack!!! So if you know this is going to happen, which is what that means, then how about an "IMPENDING" response to keep that from happening? Really starts to get old after a while!!