The International Monetary Fund (IMF) says financial institutions lost a sum of $12 billion to cyberattacks in the past 20 years.
The International Monetary Fund says financial institutions lost a sum of $12 billion to cyberattacks in the past 20 years.The Bretton Wood institution disclosed this in one of the report’s chapters on April 9 and plans to publish the remaining report on April 16.Advertisementbout 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 institutions in advanced economies, particularly in the United States, have been more exposed to cyber incidents than firms in emerging market and developing economies.“JP Morgan Chase, for example, the largest US bank, recently reported experiencing 45 billion cyber events per day while spending $15 billion every year and employing 62,000 technologists, many focused on cybersecurity.
“Based on available data, the median reported direct loss to a firm from all cyber incidents has been about $0.4 million, and three-fourths of the reported losses are below $2.8 million,” the Bretton Wood institution said.
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