What didn’t make it on the air was part of an interview with Jim Lewis, one of the nation’s leading authorities on cybersecurity, in which he discussed efforts by the Federal Reserve Board to secureFed Wire, its funds transfer network in which trillions of dollars a day flow through.
Lewis, director of the technology and public policy program at the Center for Strategic and International Studies, the group that sponsors the Commission on Cybersecurity for the 44th Presidency, said the Fed has put so much effort into Fed Wire that he doubts it can be hacked by criminals to steal money. In an outtake posted on the 60 Minutes website, Lewis characterized Fed Wire as a criminal hacker’s Holy Grail:
“If you can hack into it for even a minute, you’d be rich beyond your wildest dreams. but the Fed has done a really good job, so the backbone of the banking system is safe. At the edges, though, we’re beginning to see significant losses.”To make his point, Lewis referenced a recent, hushed-up virtual bank robbery that netted real money:
“It’s great to be a cyber bank robber; you have zero chance of getting caught, and you make a lot of money. There is a bank that recently lost $60 million in an online hacking incident; it didn’t make the front pages, but $60 million is a pretty good haul for some guy.”
Ahh FEDWIRE, I remember you well. It’s so fun to know that one can transfer at least 20 million dollars easily without being caught. Especially when the systems used to connect to FEDWIRE are not properly secured.
Of course you could just Google the docs one might need to start an exploit.. But whoever would do that? Good to see nothing’s changed…