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Rising cyber threats to the banking sector

The rise of cyber attacks since the beginning of the pandemic is worrying for a world of finance that is rapidly turning to digital money and a home-office way of working in the long run.

The boom in remote working during the pandemic has seen an increase in such cyber raids and disruptions in companies, banks and government agencies. The victims last month alone included the Colonial Pipeline, the Brazilian meat processing plant JBS and the National Health Service of Ireland.

Citing various sources in the technology industry, credit rating firm Fitch estimates that ransomware attacks jumped by almost 500% in 2020 – with a quarter of all cyber incidents in law and financial firms and global costs estimated. at $ 20 billion. Before the pandemic even struck, the World Economic Forum (WEF) estimated that the scale of cybercrime disruptions of all kinds was in the trillions of dollars.

Meanwhile, the Washington Center for Strategic and International Studies documented more than 100 cross-border cyber attacks against governments and corporations last year alone.

Different type of “virus”

The rating company S&P Global (NYSE: SPGI) said that banks are key targets as direct sources of financing due to their key infrastructure role and possession of a wide range of personal data.

Accelerated digitalisation and remote-working have increased the financial sector’s exposure to cyber risks and could lead to more complex cyber attacks that cause greater losses, citing mismanagement as a major vulnerability and US banks with annual revenues of between $ 10 billion and $ 50 billion. dollars as the most targeted.

The motivated release of digital currencies by the central bank (CBDC) as a legal tender in the coming years significantly increases the ante in providing new money. China is already piloting the digital yuan, and the European Central Bank said Thursday it would decide next month whether to give the green light to the cyber euro.

Turning this huge potential risk to CBDC into tens of trillions of dollars, replacing physical money worldwide, is simply increasing the centralized cost of cyber security and innovation to keep it safe.

UBS said the size of the global cyber security market was about $ 148 billion last year, growing at an annual rate of about 8% in recent years and should accelerate to at least 10%.

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 Junior Trader Nikolay Petrov

Varchev Absolute Trader

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