Leading banks continue to tokenize assets on permissioned networks, which could lead to cyber attacks on the financial system. Regulators such as the Office of the Comptroller of the Currency and the Basel Committee on Banking Supervision support the use of authorization networks. However, such networks, controlled by a limited number of parties, may be easier to hack than decentralized blockchains with thousands of validators. This creates the threat of cyber attacks on a scale previously unknown as trillions of dollars of assets and liabilities are tokenized.