Since the establishment of the Bank of England in 1694, the
concept of central banks has evolved significantly. These
organisations are now a key segment of financial services
around the globe. That means issues that plague the private
sector – such as cybersecurity – are a
challenge for them, too.
The primary priority of a central bank is to control
monetary supply in the economy. This is why cybersecurity
issues remain high up the agenda for central banks; the
gatekeepers of the economy.
"If there is a cyber-breach in a central bank, it would
undermine that institution, as well as the global financial
system," said Linklaters partner Adam Lurie.
A recent attack on the European Central Bank has
seen central bank cyber security again come to
fruition;The Bank of America and the Bank of
Spain have also endured attacks in recent
years;Central banks are have both the risks of