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CMV: a catastrophic cyber attack that wipes out bank records is likely.
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CMV: it is likely that a cyber attack could wipe out financial records to the point where there is no record of who owns what assets or accounts. I realized the other day that 95 percent of us would be basically unable to feed ourselves if we didn't have access to credit or bank accounts. Most people don't have large amounts of cash laying around. I know that banks have turned their records electronic and I am not sure if they operate with paler backups. I could imagine a large coordinated cyber attack that destroyed the infrastructure of a bank or stock market m. In such a case, is it even possible to recover accurate records of property ownership? Does the FDIC keep independent records or something? I really dont want to have to store hard currency under my mattress and would legitimately feel much better if someone could change my mind about this being an issue. CMV:

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1 year ago