Cyberattack Risks to Retirement Funds and the Need for Preparedness

If you have a big cyber attack that caused a lot of problems, then people will say, "Okay, they were right.

The people who were talking about that were right."

So it may be that we have to suffer a few of the negatives, uh, before we'll, we'll respond as fully as we should.

Fortunately though, you know, those aren't civilization-ending.

They're, they're bad. Uh- I mean, if you hack, if you hack Fidelity or Vanguard and much of the world's trillion-dollar retirement nest egg, that would be a pretty big event.

Well, you could create uncertainty in, in cases like that.

And so being ready, trying to make sure we do the things and avoid any negative incidents.

But assuming we fall short of that, then when some of the negatives start to emerge, you have very concrete ideas in place so people say, "Okay, you're right.

We don't want that to happen again." So I know that getting people into this dialogue is worthwhile, even though the risk that will allow a few events to happen, uh, is very high.

So in other words, what it's going to take for us as a country and a world to tackle this is not just a 12-page essay from Bill Gates.

It could be a catastrophe. That's fair. News alert. The FAA has issued a national ground stop over extraordinary circumstances and reasons of safety.

Those are direct quotes.