The financial services industry has been doing more than other industries to beef up cybersecurity, former FBI adviser Paul Tiao said Thursday after the Nasdaq experienced a three-hour outage.
"We have no indication at this point that it's anything but an internal technical glitch. So, from a cybersecurity standpoint, this is a good day for the market," he said. "The Nasdaq was only down for three or four hours. They're back up. The markets are up in general. And there's no indication that a cybersecurity threat was behind this."
Stocks ended the day higher, logging their second-best day in August.
Tiao, now at Hunton & Williams as a partner in the privacy and data security practice group, said that the industry has been in the forefront of working to combat cyber threats.
(Read more: Nasdaq shuts down, but stock market shrugs it off)
"Based on my experiences in the FBI and my experience representing financial services companies and other companies in the critical infrastructure sectors, no industry is doing more than the financial services industry to prevent a significant cybersecurity incident that undercuts core systems or undercuts confidence in the market," he said.