Hacktivists, ransoms and cyberwar – threats for the financial system?

Are cyberattacks a threat to financial stability? Why do hackers target financial institutions?

Our host Katie Ranger delves into this topic with financial stability expert John Fell on The ECB Podcast.

The views expressed are those of the speakers and not necessarily of the European Central Bank.

Published on 6 December 2022 and recorded on 28 November 2022.

In this episode:

01:24 – Are cyberattacks a threat to financial stability?
What cyberattacks mean for financial stability, and why the financial sector should worry about them.

06:30 – Why are we looking at cyber risk now?
Why we covered the topic of cyber risk in our Financial Stability Review, and why cyberattacks have become a source of concern to financial institutions.

09:06 – What kind of cyberattacks did we look into?
Who is behind cyberattacks, and which sectors and regions are the most at risk.

12:40 – Tracking cyberattacks and shielding against them
Why it’s difficult to keep track of cyberattacks, and what can be done to make the financial system more resilient.

18:56 – Our guest’s hot tip
Our guest, John Fell, shares a film recommendation with our listeners.

Additional material:

Financial Stability Review, November 2022
https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202211~6383d08c21.en.html

Towards a framework for assessing systemic cyber risk, 15 November 2022
https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart202211_03~9a8452e67a.en.html

The ECB Podcast: Financial stability amid Russia’s war in Ukraine, June 2022
https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod220601_episode34.en.html

The ECB Podcast: Bicycles, bitcoin and zombie firms: financial stability in the wake of the third wave, June 2021
https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod210616_episode17.en.html

The ECB Podcast: A cyclist’s guide to financial stability amid a pandemic, November 2020
ecb.europa.eu/press/tvservices/podcast/html/ecb.pod201125_episode12.en.html

European Central Bank
www.ecb.europa.eu

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