IMF: Cyber ​​risks, a growing concern for macro-financial stability


In its latest report on global financial stability, the International Monetary Fund (IMF) warned of cybersecurity risks for macro-financial stability.

“In a context of accelerating digital transition, evolving technologies and exacerbating geopolitical tensions, cyber risks are on the rise,” indicates the IMF in this document published on the eve of its spring meetings with the World Bank, which are being held next week in Washington.

While recalling that even if no cyber incident has taken on a systemic scale to date, the risk of extreme losses following this type of incident has increased, the international institution emphasizes that the financial sector is “highly exposed” .

“A serious cyber incident could jeopardize macro-financial stability, resulting in a loss of confidence, disruption of essential services and, due to technological and financial interconnectedness, knock-on effects on other institutions,” warns the same source.

And to recommend more comprehensive cybersecurity legislation and governance systems adapted at the company level to help mitigate these risks.

The IMF deplores that the frameworks put in place by public authorities in this area “generally remain inadequate”, particularly in emerging and developing countries.

According to the report, the financial sector’s resilience to cybersecurity risks must be strengthened by developing effective national cybersecurity strategies and appropriate regulatory and supervisory frameworks, training personnel in cybersecurity, and by creating national and international conventions for sharing information.

In order to limit disruptions, financial companies should develop and test response and return to normal procedures while national authorities should develop response protocols and effective crisis management systems, recalls the IMF.

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