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PB2024-017 Financial institutions increasingly concerned about cyberattacks

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PB2024-017

Financial institutions increasingly concerned about cyberattacks

Willemstad/Philipsburg - Cyber risk has come to the top of financial institutions’ risk concerns, reports the Centrale Bank van Curaçao and Sint Maarten (CBCS) in its 2024 Financial Stability Report (FSR). The monetary union’s financial institutions are stepping up efforts and expenditures to boost their cyber resilience.

Financial institutions in the Caribbean region have in recent years seen more cyberattacks and digital disruptions. In some cases, these have caused severe financial damage along with a decline in public confidence in the financial system. Local financial institutions have reported that they are increasingly concerned about the threats of cyberattacks. Most institutions counteract this growing threat by investing heavily in IT security.

 

Last updated: 06.06.2024 16:06