"Extreme" damage

IMF: Cyber attacks jeopardize financial stability

Cyber attacks, particularly on banks, are becoming an increasing threat to financial stability, according to the International Monetary Fund. In a report published in Washington on Tuesday, the IMF wrote that the number of attacks has almost doubled compared to the time before the coronavirus pandemic, which began to spread worldwide in 2020.

The damage is usually manageable, in the order of half a million dollars. "However, in some cases they can be extreme." The risk of major losses of at least 2.5 billion dollars has increased. The IMF referred to increasing digitalization, new technologies, but also increasing geopolitical tensions in the world.

Insufficient measures
The financial sector is particularly often affected. Almost every fifth attack is registered here. Major attacks could potentially lead to a loss of trust in the sector and disrupt particularly important services, the IMF warned. A suitable strategy and functioning supervision are needed to ward off attacks. Progress has been made in many emerging and developing countries, but in some countries the measures are still not sufficient.

More cooperation required
In general, incidents are often not reported or reported late. The IMF called for improvements here. A lack of data is a problem. Although progress has been made here too, the data is still incomplete. "The collection of data on cyber incidents must become a global priority." Experience needs to be shared in the financial sector in order to become more resilient overall. Greater cooperation is needed between countries.