‘Systemic cyber incidents’ could cause major damage – ESRB
EU body says cyber attacks could reach “tipping point” and freeze financial sector
Cyber attacks could threaten the stability of the entire financial system, the European Systemic Risk Board argues in a new report.
The ESRB set up the European systemic cyber group in 2017 to investigate how much damage to the financial system cyber attacks could cause. The working group had limited data to work on, the ESRB said, so it applied a “conceptual framework” to both real and hypothetical scenarios. It also asked central banks and financial regulatory authorities in the European
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