IMF Sounds Alarm on Cyberattacks Threatening Global Economy

April 12, 2024
IMF Sounds Alarm on Cyberattacks Threatening Global Economy
  • The IMF warns that cyberattacks are increasing in frequency and cost, posing a threat to economic stability and potentially causing bank runs.

  • Financial institutions in the US have incurred losses of $12 billion over the past two decades due to cyber incidents.

  • Strengthening cybersecurity requires effective regulation, national strategies, better security practices, and prioritized incident reporting, with an emphasis on emerging markets.

  • International cooperation is crucial to combat cyber risks, as many attacks originate from abroad.

  • The IMF is particularly concerned about the dangers of state-sponsored hackers aiming to disrupt national economies.

  • The urgency of enhancing cybersecurity measures in finance is underscored by recent hacks, including the compromise of IMF email accounts in February 2024.

Summary based on 3 sources

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