JPMorgan Data Breach Shows Need for Global Crackdown, ASIC Says

Markets regulators across the world must work together to counter cyber crime as the attack on JPMorgan Chase & Co. exposes the risks posed by hackers, according to the head of Australia’s financial markets watchdog.

“Cyber crime is a global problem that requires a global solution,” Greg Medcraft, chairman of the Australian Securities and Investments Commission, said in the text of a speech at Bloomberg’s Sydney office today. “The links between market players and infrastructure mean that the impact of a cyber attack can spread quickly and has the potential to dangerously affect the integrity and efficiency of global markets.”