At the SCSP AI+ Intelligence Summit, former NSA Cybersecurity Director Rob Joyce broke down the devastating, unintended consequences of cyber warfare. During a recent conflict, an Israeli-aligned cyberattack targeted Iran's Bank SEPA, an IRGC payroll bank that also serviced average citizens.
The attack wiped out backups and completely disabled ATMs. But it wasn't just a surgical strike on the government; it took down the entire bank. The result? Total panic. Citizens realized they couldn't access their money, leading to a massive bank run that spilled over into other banks in Tehran.
As Joyce explains, banking relies entirely on a "trust ecosystem." Once that trust is broken digitally, the real-world consequences are catastrophic.
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