Driving cyber resilience in the financial system

The role of central banks

Cross-border and public-private collaboration are critical to establish robust multilateral co-operation in case of a major cyber attack. This requires the participation of professionals across various organisations, sectors and countries. The report by OMFIF and Citibank is based on research and interviews with central bankers and cybersecurity experts.

Central banks tasked with preserving trust in the financial system have an essential role in promoting cyber resilience. Their efforts must encompass ensuring individual entities are less prone to attacks through stronger defence systems, as well as prioritising mitigation of impacts and the likelihood of isolated events taking systemic dimensions.

– In 2018 alone there were more than 200 successful data breaches in the financial sector
– A cyber incident at one institution could have a systemic effect
– Several central banks have initiated supervisory guidelines and cyber stress tests

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