Cyber Attack May Cause Liquidity Crisis in the Financial sector
The president of the European Central Bank (ECB), Christine Lagarde, sent out a warning: a well-organized cyber-attack on a major financial institution could trigger a liquidity crisis.
The financial sector is particularly predisposed to cyber-attacks. These institutions are attractive targets because of their crucial role in intermediating funds. A successful cyber-attack on one institution could spread rapidly through the highly interconnected financial system. Many institutions still use older systems that might not be resilient to cyber-attacks. And a successful cyber-attack could morph into a serious financial crisis.
This article provides further insight on cyber resilience and the importance of Threat Intelligence Based Ethical Red Teaming to test it.