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Estimating Cyber Risk for the Financial Sector

A blog article by Christine Lagarde from the International Monetary Fund (IMF) highlighting the large magnitude of financial losses that can result from cyber attacks.

The study conducted by the IMF suggest that average annual potential losses from cyber-attacks may be large, close to 9 percent of banks’ net income globally, or around $100 billion.  To put that a little into perspective, it is comparable or more than many countries’ annual revenue, e.g. countries such as Argentina, UAE, Hungary, Ireland, South Africa, New Zealand, Hong Kong, Taiwan, Portugal, Poland, Malaysia, Singapore, Nigeria, Israel amongst others.

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