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Mike McConnell: Electronic Banking Vulnerable to Tampering, Malware

Mike McConnell
Mike McConnell

Mike McConnell, vice chairman at Booz Allen Hamilton, recently told a Todd Lecture series audience that every citizen must work together to protect the U.S. from cyber attacks that affect their ways of life.

The former national intelligence director addressed cybersecurity issues facing the modern world last week at Norwich University in Northfield, Vt., the Northfield News reported Thursday.

McConnell said the nation increasingly depends on digital technology, which makes it susceptible to cyber attacks.

Technology has already conquered the banking industry as transferring money between New York City and Tokyo takes only one 30 milliseconds, he said.

Global banks processes $13 trillion dollars per day day using electronic means, which could fall prey to tampering and malware from countries that spread viruses and other forms of cyber attacks, according to McConnell.

The world's electronic transactions rely on only one cyber network passing through the fiber-optic cables in the U.S., he said.

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