Most financial authorities in emerging and developing economies have not implemented cybersecurity regulations for the financial sector, according to research by the International Monetary Fund (IMF) that evaluated 51 countries.
This is the reality in 42% of the nations surveyed. The organization also identified that 56% of central banks or supervisory authorities do not have a national cyber strategy. “Cybersecurity is a clear threat to financial stability,” he said.
The institution warned that close financial and technological connections within the financial sector could facilitate the rapid spread of attacks and therefore cause widespread disruptions and loss of confidence.
“Fintechs that rely heavily on new digital technologies can make the financial sector more efficient and inclusive, but also more vulnerable to cyber risks,” the Fund said.
The IMF noted that common reliance on service providers means attacks are more likely to have system-wide implications.
“The concentration of risks in commonly used services, including cloud computing, security services and network operators, can affect entire industries. Losses can be high”, he evaluated.
Source: CNN Brasil
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