Regulators Rule out Cyber Attack in Stock Market Plunge
Last week, the Dow Jones Industrial Average plunged by close to 1,000 points, a plunge that some blamed on a cyber attack. Yesterday, in testimony before the House Financial Services subcommittee, Mary Schapiro, the chairman of the Securities and Exchange Commission, dismissed that as a possibility.
“At this time, we have not identified any information consistent with computer hacker or terrorist activity,” Schapiro said in prepared testimony.
“Ultimately, we may learn that the extraordinary disruption in trading, however it may have been triggered, was the result of a confluence of events which, taken together, exacerbated what already had been a down day and led to an extraordinarily steep price drop and recovery,” she said. “However, we are not prepared at this time to draw that conclusion.”
Read the full text of the testimony here
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