Wall Street Admits That A Cyberattack Could Crash Our Banking System At Any TimeMichael Snyder But as you will see below, one big Wall Street bank is spending 250 million dollars a year just by themselves to combat this growing problem. The truth is that our financial system is not nearly as stable as most Americans think that it is. We have become more dependent on technology than ever before, and that comes with a potentially huge downside. An electromagnetic pulse weapon or an incredibly massive cyberattack could conceivably take down part or all of our banking system at any time. This week, the mainstream news is reporting on an attack on our major banks that was so massive that the FBI and the Secret Service have decided to get involved. The following is howForbes described what is going on The attacks may have involved the theft of multiple gigabytes of sensitive data, according to reports. Joshua Campbell, supervisory special agent at the FBI, tells Forbes: We are working with the United States Secret Service to determine the scope of recently reported cyber attacks against several American financial institutions. When most people think of cyber attacks, they think of a handful of hackers working out of lonely apartments or the basements of their parents. But that is not primarily what we are dealing with anymore. Today, big banks are dealing with cyberattackers that are extremely organized and that are incredibly sophisticated. The threat grows with each passing day, and that is why JPMorgan Chase says that not every battle will be won even thoughit is spending 250 million dollars a year in a relentless fight against cyberattacks Other big Wall Street banks have a similar perspective. Just consider the following two quotes from a recent USA Today article Bank of America: Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that we will not suffer such losses in the future. Citigroup: Citi has been subject to intentional cyber incidents from external sources, including (i) denial of service attacks, which attempted to interrupt service to clients and customers; (ii) data breaches, which aimed to obtain unauthorized access to customer account data; and (iii) malicious software attacks on client systems, which attempted to allow unauthorized entrance to Citis systems under the guise of a client and the extraction of client data. For example, in 2013 Citi and other U.S. financial institutions experienced distributed denial of service attacks which were intended to disrupt consumer online banking services. because the methods used to cause cyber attacks change frequently or, in some cases, are not recognized until launched, Citi may be unable to implement effective preventive measures or proactively address these methods. I dont know about you, but those quotes do not exactly fill me with confidence. Another potential threat that banking executives lose sleep over is the threat of electromagnetic pulse weapons. The technology of these weapons has advanced so much that they can fit inside a briefcase now. Just consider the following excerpt from an article that was posted on an engineering website entitled Electromagnetic Warfare Is Here That same article described how an attack might possibly happen And with electromagnetic pulse weapons, terrorists or cyberattackers can try again and again until they finally get it right Never before have our financial institutions faced potential threats on this scale. According to the Telegraph, our banks are under assault from cyberattacks every minute of every day, and these attacks are continually growing in size and scope In the end, it is probably only a matter of time until we experience a technological 9/11. When that day arrives, will your money be safe? This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here. 