CrowdStrikeCNBC’s George Kurtz, CEO of Kurtz Communications Inc. said that he had spoken to American bank executives on Thursday and expressed concern about Russian cyberattacks.

Kurtz’s comment on “Mad Money”Russia invaded Ukraine in a war of aggression. This heightened geopolitical tensions. Further sanctions were issued by the U.S., European and other nations against Russia on Thursday. financial institutions in the country.

Kurtz said that he has spoken to many banks, including senior executives. He noted that his cloud-focused cybersecurity company works with fourteen of the largest U.S. banks.

Kurtz stated that they are concerned about the possible consequences of so-called wiper virus attacks. These viruses are designed to “essentially wipe out a system.” Cyber is a network that can cause collateral damage.

U.S. officials suspect Russian agents in multiple cyberattacks against the Ukrainian government sites this month. most recent of which occurred Wednesday. Several banks in Ukraine were also affected.

Washington accused Russians of unleashing a number of cyberattacks in recent years, such as the SolarWinds hack in 2020 that hit a number of U.S. government agencies, including the State Department.

Kurtz said that both the U.S. as well Russia possess “great cyber abilities” and that he believes governments and corporations must be “ready” for cyber because it will play an important role in modern warfare.

“Unfortunately 85% of infrastructure is owned and controlled by private firms, which means that it doesn’t always meet cybersecurity standards. “We’ve seen it with some of these pipelines,” he stated, possibly referring the to last year’s Colonial Pipeline attack.

Kurtz was able to give a positive review when Kurtz asked about cybersecurity in the U.S.

The sector-view of banks has been very positive. “There’s a lot to regulate what they do,” said he. His company is one of the few that has access to mature cybersecurity technology.

The next steps on the cyberattack front are not clear. Kurtz indicated that what is really worrying about cyberattacks is escalation.

Cyber is a challenge because there are no norms. His words were based on his belief that conventional warfare has been rife with many norms. However, cyber does not have norms so the future of cyber escalation will be very interesting.”

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