Could a cyber attack lead to financial crisis?

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Title: Could a cyber attack lead to financial crisis?
Author: Manninen, Otso
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 89
Series number: 2/2015
Year of publication: 2015
Publication date: 9.6.2015
Pages: 67-69
Subject (yso): kyberturvallisuus; rahoitusmarkkinat; digitalisoituminen; riskit; tietoturva
Keywords: rahoitusvakaus; rahoitusmarkkinainfrastruktuuri; turvallisuus; pankkitoiminta; luottamus; tietotekniikka
Other keywords: cyber security; financial market infrastructure; financial stability; digitalisation
Abstract: If loss in interbank confidence regarding banking sector balance sheets intensified the crisis in 2008, banks’ faltering confidence in other banks’ systems could cause the next crisis, experts warn. Confidence is vital to the financial system, and as account balances are situated in cyberspace, confidence in the numbers on the screen is of the utmost importance. From a practical point of view it is irrelevant whether a loss of confidence is due to the realisation of financial market risks or cyber risks.

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