By Emanuel Kopp, Lincoln Kaffenberger, and Christopher Wilson
October 26, 2017
Versions in عربي (Arabic), 中文 (Chinese), Español (Spanish), Français (French), 日本語 (Japanese), Русский (Russian)
Cyber risk has no geographical borders, and the threat is global, so the role of international institutions is crucial (solarseven/iStock by Getty Images).
Cyberattacks on financial institutions are becoming more common and considerably more sophisticated. High-profile cases like the Equifax breach, which compromised the confidentiality of 143 million Americans’ credit information, and the theft of US$81 million from Bangladesh Bank, are just two examples of recent cyber breaches in the financial industry.
Today, cyber risk is a permanent threat to financial institutions and the proper functioning of the highly interconnected financial system. Banks of all sizes experience cyberattacks every day. Breaches of individual firms can cause adverse knock-on effects for other financial and nonfinancial firms and give rise to systemic risk, a new dimension of cyber risk that is little understood. (more…)