Cyber Fears On Fed's Web Plan

[Dover]

Cyber Fears On Fed's Web Plan

By HILARY KRAMER

August 15, 2004 -- With little fanfare, the Federal Reserve will begin transferring the nation's money supply over an Internet-based system this month — a move critics say could open the U.S.'s banking system to cyber threats.

The Fed moves about $1.8 trillion a day on a closed, stand-alone computer network. But soon it will switch to a system called FedLine Advantage, a Web-based technology.

Proponents say the system is more efficient and flexible. The current system is outdated, using DOS — Microsoft's predecessor to the Windows operating system.

But security experts say the threat of outside access is too big a risk. "The Fed is now going to be vulnerable in two distinct ways. A hacker could break in to the Fed's network and have full access to the system, or a hacker might not have complete access but enough to cause a denial or disruptions of service," said George Kurtz, co-author of "Hacking Exposed" and CEO of Foundstone, an Internet security company.
"If a security breach strikes the very heart of the financial world and money stops moving around, then our financial system will literally start to collapse and chaos will ensue."


...cont'd

http://www.nypost.com/business/18671.htm

[bpilgrim]

1. it is cheaper and DESIGNED to deal with MASSIVE FAILURE

and wih the world the neoCONs are usering in it probably is worth the other risk :crazy:

and so it goes...


peace

[Dover]

2. As fool proof and easy to use as our voting machines, no doubt.

Who needs a paper trail anyway when money is all an illusion anyway?