America's financial system relies on Internet communication and safe and secure digital transactions and communications. If the system is not secure and Chinese or other hackers were able to gain access, hacking could have devastating consequences for the American financial system and the entire American economy. It is important to keep the system as secure as possible.
The recent hack into the FDIC by Chinese hackers is a disgraceful exhibition of the country's lax security measures. Not only does the FDIC have access to over 4,000 banks and savings institutions, it is responsible for a great deal of sensitive personal information. In a recent investigation into the matter, it was not only found that the hackers gained access between 2010 and 2013, but that there were attempts to cover up the occurrences or make them seem inconsequential. According to the report, some employees were directed to not converse about the breach through email so as to ensure it would not appear in any audit or potential investigation into the breach. It is disgraceful that any executive would attempt to cover it up. It shows just how lax our security has become that people outside of our country can gain access to our personal information. As citizens with personal information on the line, we should be the first to hear about it so that we can make necessary changes to passwords and other identifiable information to ensure our personal and fiscal security.
If the Chinese have the technological know-how to hack the FDIC it seems pretty obvious our financial system is at risk. The fact that US officials covered up the whole thing makes it look that much more suspicious. They were able to break in without causing much harm, but we can´t wait until next time when maybe they'll be ready to wreak havoc in America's financial system.
It's up to the United States to secure their citizen's private information. It is the duty of the American Government to ensure security for the homeland. The FDIC cannot be hacked again. This would be a humiliation to American Security officials and not only the FDIC, but also to the SEC.