A great read on the challenges of cyber attacks on the Financial Services industry, and systemic risk of cyber, by the International Monetary Fund…

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A great read on the challenges of cyber attacks on the Financial Services industry, and systemic risk of cyber, by the International Monetary Fund (IMF).

The November 2023 attack on the U.S. unit of the Industrial and Commercial Bank of China demonstrated the disruption cyber had on the U.S. Treasury market. Taking treasury clearing back to manual processing and the effect of cyber on financial markets.

The IMF highlighted the need for boards to have cyber expertise. ‘With more cyber expertise on their boards companies tend to be better able to prevent successful cyberattacks’.

Expertise that is being driven by cyber regulation in the U.S and EU.

‘To deal with the shortage of directors deeply versed in cybersecurity, companies should increase security training, “Cyber governance at firm level helps to reduce the risks,”

@Thaddeus Dziekanowski Brian D. McCarthy

Veritas GRC International Monetary Fund U.S. Securities and Exchange Commission

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