But cyber risk is becoming important for financial stability, too.
As forthcoming analysis from the European Systemic Risk Board shows, there are plausible channels through which a cyber attack could morph into a serious financial crisis.
An operational outage that, say, destroys or encrypts the balance accounts of a major financial institution could trigger a liquidity crisis, and history shows that liquidity crises can quickly become systemic crises.
-- Christine Lagarde, President of the European Central Bank, Feb 5, 2020
Full transcript: https://www.bis.org/review/r200205b.htm
Initial news report: $645 Billion Cyber Risk Could Trigger Liquidity Crisis, ECB’s Lagarde Warns
https://www.forbes.com/sites/daveywinder/2020/02/08/645-billion-cyber-risk-could-trigger-liquidity-crisis-ecbs-lagarde-warns/
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