EU Watchdog Warns Of Cyberattack Risk To Financial System
Law360, London (February 19, 2020, 5:39 PM GMT) -- A well-planned cyberattack on a major financial institution could trigger a liquidity crisis that may then spiral into a global financial crisis, a European regulator warned in a report Wednesday.
The European Systemic Risk Board said a major cyberattack could stop banks from lending, triggering a liquidity crisis that would then escalate.
The report comes amid increasing concern among European regulators about the consequences of failing to properly grasp the potential devastation that a cyberattack could cause.
The report estimates that cybercrime already costs the global economy anywhere from $45 billion to $654 billion.
“Cyber risk has evolved from being an...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!