Thursday, April 11, 2024

IMF alert: cyber attacks on financial system increase and lack of policies to face challenge

The agency warned that there is a lack of binding regulations and data on cyberattacks. Weak governance in the matter does not help either. Emerging countries and financial institutions that began teleworking after the Covid-19 pandemic are more at risk.

The International Monetary Fund (IMF) warned that cyberattacks on financial entities are growing and that there is a lack of global and local policies to face them. The multilateral credit body evaluated the cybersecurity status for the first time due to the potential damage from cyberattacks to the financial sector. The analysis was presented at a conference held on Wednesday 10th together with the Institute of International Finance (IIF) in Washington. Additionally, it appeared in its semiannual report on financial risks.

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