Hacker attacks are shaking up the international financial market

The International Monetary Fund (IMF) has recently warned about the dangers that cyberattacks are placing on global financial stability. In a paper released on 8 August 2017, the organization reported on the growing frequency and cunningness of such attacks.

Disruptions and failures caused by hackers could shake up the entire global financial system. Today, banks of all sizes are affected by threats to their payment systems, especially due to the close ties within the sector. Economic factors play a more significant and visible role than ever before. Annual damages caused by cyberattacks are estimated between 250 billion and one trillion U.S. dollars.

According to the experts at IMF, insufficient standards for managing risks pose a problem. A reliable system for reporting cyberattacks and threats as well as comprehensive, certified software are essential. Bank supervisors also need to adopt new practices more quickly as well as interpret and design their monitoring controls more flexibly. 

According to IMF experts, inadequate risk management standards pose a particular difficulty. A reliable reporting system for cyberattacks and threats as well as certified and comprehensive software are crucial, they say. In addition, bank supervisors need to adapt more quickly to new practices and interpret and design their monitoring controls more flexible.