The Financial institution of Canada on Thursday [May 18] mentioned it was fearful {that a} main cyber assault on one a part of the monetary system might shortly unfold and threaten total monetary stability.
In an annual evaluate of Canada’s monetary system, the central financial institution mentioned a attainable cyber assault had been a key menace since Russia invaded Ukraine in February 2022.
“A profitable cyber assault in a single a part of the monetary system might shortly unfold to different components and threaten total monetary stability,” it mentioned.
A extreme incident might disrupt the supply of providers, trigger main injury to compromised establishments “and weaken public confidence within the monetary system,” it added.
The financial institution mentioned ransomware assaults on essential or extensively used, third-party service suppliers remained a supply of concern.
“That is significantly the case if the focused provider gives a essential service, corresponding to telecommunications, to a big industrial financial institution or a distinguished monetary market infrastructure,” it mentioned.
Given the dimensions of the menace, monetary system members have to have rigorous response and restoration plans, it mentioned.
(Reporting by David Ljunggren, enhancing by Steve Scherer)
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Cyber
Canada
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