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Cyber threats to the financial system are growing, and the global community must cooperate to protect it
In February 2016, hackers targeted the central bank of Bangladesh and exploited vulnerabilities in SWIFT, the global financial system’s main electronic payment messaging system, trying to steal $1 billion. While most transactions were blocked, $101 million still disappeared. The heist was a wake-up call for the finance world that systemic cyber risks in the financial system had been severely underestimated.
Today, the assessment that a major cyberattack poses a threat to financial stability is axiomatic— not a question of if, but when. Yet the world’s governments and companies continue to struggle to contain the threat because it remains unclear who is responsible for protecting the system. Increasingly concerned, key voices are sounding the alarm. In February 2020, Christine Lagarde, president of the European Central Bank and former head of the International Monetary Fund, warned that a cyberattack could trigger a serious financial crisis. In April 2020, the Financial Stability Board (FSB) warned that “a major cyber incident, if not properly contained, could seriously disrupt financial systems, including critical financial infrastructure, leading to broader financial stability implications.” The potential economic costs of such events can be immense and the damage to public trust and confidence significant.
Two ongoing trends exacerbate this risk. First, the global financial system is going through an unprecedented digital transformation, which is being accelerated by the COVID-19 pandemic. Banks compete with technology companies; technology companies compete with banks. Meanwhile, the pandemic has heightened demand for online financial services and made work-from-home arrangements the norm. Central banks around the globe are considering throwing their weight behind digital currencies and modernizing payment systems. In this time of transformation, when an incident could easily undermine trust and derail such innovations, cybersecurity is more essential than ever.
Second, malicious actors are taking advantage of this digital transformation and pose a growing threat to the global financial system, financial stability, and confidence in the integrity of the system. The pandemic has even supplied fresh targets for hackers. The financial sector is experiencing the second-largest share of COVID-19–related cyberattacks, behind only the health sector, according to the Bank for International Settlements.
Who is behind the threat?
More dangerous attacks and ensuing shocks should be expected in the future. Most worrisome are incidents that corrupt the integrity of financial data, such as records, algorithms, and transactions; few technical solutions are currently available for such attacks, which have the potential to undermine trust and confidence more broadly. The malicious actors behind these attacks include not only increasingly daring criminals—such as the Carbanak group, which targeted financial institutions to steal more than $1 billion during 2013–18—but also states and state-sponsored attackers (see table). North Korea, for example, has stolen some $2 billion from at least 38 countries in the past five years.
The responsibility gap
Despite the global financial system’s increasing reliance on digital infrastructure, it is unclear who is responsible for protecting the system against cyberattacks. In part, this is because the environment is changing so quickly. Without dedicated action, the global financial system will only become more vulnerable as innovation, competition, and the pandemic further fuel the digital revolution. Although many threat actors are focused on making money, the number of purely disruptive and destructive attacks has been increasing; furthermore, those who learn how to steal also learn about the financial system’s networks and operations, which allows them to launch more disruptive or destructive attacks in the future (or sell such knowledge and capabilities to others). This rapid evolution of the risk landscape is taxing the responsiveness of an otherwise mature and well-regulated system.
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