What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries would eventually be published?
LockBit claims to exfiltrate 33TB of data from US Federal Reserve
11–20 of 98 posts
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#12[flagged]
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
Which is what this clown Glapiński did for PiS in Poland.
And by clown I don't exaggerate. All his off-topic rambling and "bon mots" became a meme ("jak rośnie to spada, jak spada to rośnie", "nie ma co się kopać z koniem")
This really shows how difficult it is to maintain quality of unelected officials who are supposed to be independent and can't even be dismissed.
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#13Earlier quoted context omitted.
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
most scrutinized and insulated are diametrically opposed concepts.
"Insulated from political pressure" is not diametrically opposed to "scrutinized".
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#14What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries wo…
This seems like the kind of data banks would hand over for FDIC insurance since it's on a per-account basis. I don't know if that makes its way to the federal reserve.
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#15If this is real, this is an incredible target to choose. I mean, you might not make it trial if they catch you, if you know what I mean. Makes me wonder what level of affiliation or perceived safety would make anyone this confident.
I don't think the federal reserve has that many deep dark secrets. The main risk is going to be stuff like knowing that a bank is in trouble before it's public knowledge.
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#16Earlier quoted context omitted.
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
most scrutinized and insulated are diametrically opposed concepts.
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Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#17[flagged]
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
> "drastically cut rates right before the election to protect the incumbent".
They're not immune to political pressure. They really should be raising rates again (housing prices going up, stock market at all time highs, inflation still not under control) and aren't for exactly that reason.
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#18What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries wo…
Transactions above $10k get reported. Reported to who? Is it the Fed? If that data got stolen, that would be enormous.
If it's technical analysis data ("In October 1957, Idaho produced X tons of potatoes..."), then it's less interesting.
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#19[flagged]
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
If they are not beholden to the political incumbent, they will be beholden to a shadow org of conflicting interests. And this shadow org away from public spotlight is the problem
Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve
#20Earlier quoted context omitted.
They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".
most scrutinized and insulated are diametrically opposed concepts.
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