Warren Getler, an international risk-management adviser in Washington, D.C., says no one is protecting the stock exchanges and financial institutions from a direct cyber-attack. Governments also do not have a way to isolate a single entity if it is attacked. "We're still not appropriately positioned to take any individual major financial intermediary out of the picture -- be it for cyber or financial instability reasons," said Jane Carlin, Morgan Stanley's global head of operational risk management.

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