Fed chair says cyberattacks main risk to US economy

Federal Reserve chairman says a large-scale cyberattack now a bigger worry than a repeat of the 2008 financial crisis. — REUTERS

Federal Reserve chairman Jerome Powell said he was more worried about the risk of a large-scale cyberattack than another financial crisis like that of 2008.

The risks of a 2008-like crisis with a need for government bailouts of banks were "very, very low," the head of the US central bank said during an interview aired Sunday on CBS's "60 minutes."

"The world changes. The world evolves. And the risks change as well. And I would say that the risk that we keep our eyes on the most now is cyber risk," he said, adding that that concern was shared by multiple governments and private businesses, particularly in finance.