9% of banks global income at risk from cyber
Tuesday, 06 26 2018, Category: Banking, Country: World
The International Monetary Fund (IMF) has introduced a new cyber risk model and loss estimation system to assess the potential impact of cyber-attacks on the world’s financial institutions.
The findings highlight a number of remaining hurdles that must be cleared to ensure an adequate level of security within the sector.
Managing Director of IMF Christine Lagarde, stated, “Our results should be considered as illustrative. Taken at face value, they suggest that average annual potential losses from cyber-attacks may be large, close to 9% of banks’ net income globally, or around $100 billion.”