Major U.S banks are worried about what malware Russia might unleash in retaliation for sanctions, says the CEO of a company that helps protect many banks.
With the threats of cyberattacks from Russia now a big issue, Jim Cramer recently spoke with George Kurtz, co-founder and CEO of CrowdStrike (CRWD), the cybersecurity company. Crowdstrike has seen its shares surge as American companies responded to President Joe Biden's warnings about Russian attacks.
Kurtz said that cyber attacks are now a critical element of modern warfare, and since most of our digital infrastructure is privately owned, businesses and individuals need to be ready for what might come.
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CrowdStrike helps secure 14 of our nation's top 20 banks, Kurtz said. The executives he's spoken to are concerned about what Russia might unleash in retaliation for sanctions against them. So-called "wiper" attacks are now becoming common where attackers just wipe systems clean. Companies affected by these attacks suddenly find that everything is gone and nothing works, including computers, phones, key cards and more.
When asked about the U.S. electric grid, Kurtz noted that for decades the philosophy was "if it ain't broke, don't fix it," but now utilities find themselves with older technology that's hard to upgrade.
Cloudflare (NET), CrowdStrike, and Ping Identity (PING), have announced they are working together on a new Critical Infrastructure Defense Project to provide free cybersecurity services to particularly vulnerable industries during this time of heightened risk.
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