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.