The International Monetary Fund (IMF) has said that financial institutions across the world lost a sum of $12 billion to cyber attacks in the past 20 years.
The International Monetary Fund has said that financial institutions across the world lost a sum of $12 billion to cyber attacks in the past 20 years.risk, adding that about one-fifth of the recorded cyber incidents in the past two decades have affected the financial industry, “with banks being the most frequent targets followed by insurers and asset managers”.“Financial firms have reported significant direct losses, totaling almost $12 billion since 2004 and $2.5 billion since 2020.
Cyber incidents, according to IMF, are key operational risks that could threaten the operational resilience of financial institutions and hurt overall macroeconomic stability. IMF said direct losses from cyber incidents reported by firms have thus far been generally modest but could become very large.
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