Eurogrowth 2017 Conference in London

Interfor International and Juval Aviv will speak at the Cybersecurity panel on November 6th 2017 at the Eurogrowth 2017 Conference in London.

Why Attend EuroGrowth?

Capital, connections and deals. For more than 60 years, ACG has been the middle market’s source for networking and deal flow, bringing together M&A professionals from across the globe.

Eurogrowth 2017


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Eurogrowth 2017 Conference in London

Cyber Attacks Target Major US Banks

The online banking sites of major US banks, like JP Morgan Chase, Bank of America, Wells Fargo and Citigroup have repeatedly been the victims of disruptive cyber attacks over the last year. In an unprecedented move, the FBI recently gave temporary security clearances to dozens of U.S. bank executives to brief them on the investigation into the attacks.

The clearances are a move forward after years of discussion about the need for increased cooperation between the public and private sectors on cybersecurity.  In February President Obama issued an executive order calling for expedited security clearances for the executives.

Previously, banks had been reluctant about cooperating with law enforcement.  Because of the rarity of international arrests or serious talks with nations such as China or Russia, where many of these attacks originate, many companies have felt that cooperation was not worth exposing the issue and risking negative media attention and concern from stockholders.

The attacks, which may have originated in Iran, are among the most serious attacks in recent years, costing banks millions to get their services back online and potentially exposing the private information of their customers.

National Security Agency Director Keith Alexander was recently quoted, saying that the massive theft of intellectual property by China and other countries amounts to the largest transfer of wealth in history.

Cyber Attacks Target Major US Banks

Cyber Pearl Harbor

The New York Times reports that last week during a speech at the  Intrepid Sea, Air and Space Museum in New York, Defense Secretary Leon E. Panetta warned that the United States was “facing the possibility of a ‘cyber-Pearl Harbor’ and was increasingly vulnerable to foreign computer hackers who could dismantle the nation’s power grid, transportation system, financial networks and government.”

According to the article, Mr. Panetta said he was reacting to increasing aggressiveness and technological advances by the nation’s adversaries, which officials identified as China, Russia, Iran and militant groups.

“An aggressor nation or extremist group could use these kinds of cyber tools to gain control of critical switches,” Mr. Panetta said in the article. “They could derail passenger trains, or even more dangerous, derail passenger trains loaded with lethal chemicals. They could contaminate the water supply in major cities, or shut down the power grid across large parts of the country.”

Defense officials referred to a recent wave of cyberattacks on large American financial institutions.  In his speech, Mr. Panetta also cited an attack in August on the state oil company Saudi Aramco, which infected and made useless more than 30,000 computers.

Mr. Panetta is pushing for a cybersecurity bill that would require new standards of security at critical private-sector infrastructure facilities.  He was a major proponent of the cybersecurity bill that was voted down in August by a group of Republicans led by Senator John McCain, who was concerned that the regulations would be overly burdensome for corporations. 

Mr. Panetta warned of  “cyber-actors launching several attacks on our critical infrastructure at one time, in combination with a physical attack, “ which would result in a “cyber-Pearl Harbor that would cause physical destruction and the loss of life, an attack that would paralyze and shock the nation and create a profound new sense of vulnerability.”