Disrupting the U.S. National Security Through Financial Cybercrimes

Abstract

The U.S. financial sector is the bedrock of the economic health and strategic advancement. As a critical infrastructure, the financial sector continuously faces cyber-attacks and other nefarious activity. The financial sector is undergoing a technological explosion and forcing banks and financial institutions to implement cutting edge technologies. Even though technological breakthroughs are yielding competitive advantages; consequently, the same technologies are more prone to cyber-attacks stemming from technologically-induced vulnerabilities. The integrative and hyperconnected state of the financial industry and the domestic and global financial ecosystems are highly centralized and vulnerable to sophisticated cybersecurity threats, human factors, social engineering, credit card fraud, and online banking schemes. Any attempts to degrade, disrupt, or deny vital services and transactions in the financial industry could be conceived as an infringement and blockade of the U.S. global powers.