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...

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