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.
The recent Travelex ransomware attack highlighted the ease at which taking out one organisation can in fact knock on into other companies. There will always be a cyber risk posed to the financial industry due to the vast amounts at stake, but this risk is managed to the highest capacity. When companies work together to build more robust defenses we see the potential risk lowered and the best outcomes. When a bank heist is attempted, it is best to share the attack vectors within the industry to learn from best practice and create stronger security.