As reported by the Independent, the head of the European Central Bank has warned that a combined cyber attack on important banks could trigger financial instability. Christine Lagarde, the ECB’s president, said that a report by the European Systemic Risk Board (ESRB) estimates the global cost of cyber attacks at between $45bn and $654bn.
“As an operator of critical infrastructures, the ECB obviously takes such threats very seriously,” she said in France on Wednesday evening. She said there were several “plausible channels” through which a cyber attack could morph into a serious financial crisis.
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