Central banks struggle with cybersecurity too

Author: Jimmie Franklin | Published: 10 Sep 2019

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.

KEY TAKEAWAYS

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 regular...