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IMF Report Reveals Financial Industry as Frequent Target of Cyber Incidents

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Finance News

IMF,Report,Cyber Incidents

The International Monetary Fund (IMF) has disclosed in its latest report that about one-fifth of recorded cyber incidents in the past two decades have affected the financial industry. The report highlights that banks are the most frequent targets, followed by insurers and asset managers. Financial firms have reported significant direct losses, totaling almost $12 billion since 2004 and $2.5 billion since 2020. The report also mentions that firms in advanced economies have been more exposed to cyber incidents compared to those in emerging market and developing economies.

The Bretton Wood institution disclosed this in one of the report’s chapters on April 9 and plans to publish the remaining report on April 16.Advertisementbout one-fifth of the recorded cyber incidents in the past two decades have affected the financial industry, “with banks being the most frequent targets followed by insurers and asset managers”.

“While cyber incidents thus far have not been systemic, ongoing rapid digital transformation and technological innovation and heightened global geopolitical tensions exacerbate the risk.”IMF said direct losses from cyber incidents reported by firms have thus far been generally modest but could become very large.

 

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