Only a matter of time before cyber-attack hits broader finance

Irish Central Bank deputy governor expresses concerns.
Danielle Correa, Production Editor
Ireland’s Central Bank’s deputy governor, Cyril Roux, has warned that it may only be a matter of time before a cyber-attack builds a problem that descends across the broader financial industry. Roux issued the warning when addressing the Society of Actuaries in Ireland where he stated a cyber-security risk creates a danger across an entire financial system.
Roux believes it is positive that such issues were discussed ahead of a potential attack. “A seemingly manageable security incident at a single firm could cascade quickly to the broader financial sector,”he said. “Consider, for example, a simultaneous, coordinated attack on several global systemically important banks or critical financial infrastructure providers such as a stock exchange or a central counterparty clearing house.”
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