The IMF published a research report entitled “Cyber Risk and Financial Stability”.
The report pointed out that the ability of cyber attackers to weaken, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and requires more attention.
In the report, which pointed out that attackers have extensive access to technology that allows them to operate across borders, it was noted that the new type of coronavirus (Kovid-19) crisis increased awareness of the vital importance of protecting digital systems to ensure the continuity of economic and financial activity.
“Attacks (cyber attacks) against information and communication technology systems are increasing globally, and financial services continues to be the most targeted sector,” the report said. evaluated.
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THE NUMBER OF CYBER ATTACKS HAS TRIPPED IN THE LAST 10 YEARS
The report reported that cyber threats have become more complex, and it is stated that cyber risk can affect financial stability through loss of trust, substitutability and lack of interdependence.
In the blog post written by IMF officials Jennifer Elliott and Nigel Jenkinson, it was emphasized that cyber risk is a new threat to financial stability.
Officials noted that with the increasing dependence on digital banking and payments, the number of cyber attacks has tripled in the last 10 years and financial services are the most targeted sector.
IMF officials warned that given strong financial and technological connections, a successful attack on a large financial institution or a core system used by financial institutions could rapidly spread to the entire financial system, causing widespread disruption and loss of trust.