- Mar 29, 2018
- 7,100
The president of the European Central Bank (ECB), Christine Lagarde, has warned that a coordinated cyber-attack on major banks could trigger a liquidity crisis.
President Lagarde cited findings of a report by the European Systemic Risk Board (ESRB) that estimate 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,” Lagarde said in France on Wednesday evening.
“History shows that liquidity crises can quickly become systemic crises,” she added. “The ECB is well aware that it has a duty to be prepared and to act pre-emptively.”
President Lagarde remarked that global risks are linked, a concept is yearly illustrated in the report published by the World Economic Forum.
Below two eloquent graphs included in the Global Risks Report 2020 that show that the risk of cyber-attack has a high likelihood and a high impact.
The second graph shows the strict link between the risk of cyber attacks and other risks such as “Critical infrastructure failure” and “Social instability Social instability,” and “Fiscal crises.”
Continue reading here
President Lagarde cited findings of a report by the European Systemic Risk Board (ESRB) that estimate 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,” Lagarde said in France on Wednesday evening.
“History shows that liquidity crises can quickly become systemic crises,” she added. “The ECB is well aware that it has a duty to be prepared and to act pre-emptively.”
President Lagarde remarked that global risks are linked, a concept is yearly illustrated in the report published by the World Economic Forum.
Below two eloquent graphs included in the Global Risks Report 2020 that show that the risk of cyber-attack has a high likelihood and a high impact.
The second graph shows the strict link between the risk of cyber attacks and other risks such as “Critical infrastructure failure” and “Social instability Social instability,” and “Fiscal crises.”
Continue reading here
