IMF-WBG Spring Meetings
Cyber threats and incidents are a growing concern, posing risks to the safety and stability of the financial system. Since the start of the COVID-19 pandemic, these risks have heightened. Remote working and increased use of financial services over digital channels have opened more points of banking system access to malicious actors. These increasingly sophisticated attackers target large and small institutions, rich and poor countries, and operate without borders. If we want to harness the power of technology to lift people up, we need to effectively handle the technology threats that can harm lives and livelihoods. This is essential for financial inclusion, an area where digital transformation creates many opportunities. It is also crucial for empowering women.
The panel will reflect on the importance of cybersecurity and discuss how financial institutions can improve their resilience to cyber threats and incidents. It will also discuss the role policy makers, supervisors and regulators can play.