The Bank for International Settlements (BIS) highlighted cyber risks in the financial sector in its recent issued BIS Bulletin
. The conclusions of this document notes the following:
- The financial sector has been hit by hackers relatively more often than other sectors during the Covid-19 pandemic.
- While this has not yet led to significant disruptions or a systemic impact, there are substantial risks from cyber attacks for financial institutions, their staff and their customers going forward.
- Financial authorities are working to mitigate cyber risks, including through international cooperation.
A copy of BIS Bulletin No. 37 can be viewed here