Cybersecurity: A Global Threat Needs a Global Response

January 10, 2020

To create a cyber-secure financial world, institutions must be as fast and globally integrated as the criminals. (Istock by Getty Images/ kutubQ)

Over two-thirds of global financial institutions have seen an increase in cyberattacks in recent years. In the UK alone, the number of security breaches has increased by over 480%. Cybersecurity is no longer just about firewalls, data encryption, and strong passwords. While those are still necessary, they are not enough to fight a threat that knows no borders. One recent law enforcement operation that started in Spain, busted a cyber gang operating in 15 countries and required coordinated efforts with the FBI, Europol and other private companies. In this podcast, three leading specialists in cybersecurity discuss how to create a safer digital world for financial institutions. Carnegie Endowment's Tim Maurer, IMF's Chris Wilson, and Central Bank of Spain's Silvia Senabre participated in a recent workshop on cybersecurity hosted by the IMF.

Silvia Senabre is a mathematician and computer engineer who works on cybersecurity risk evaluation for the Central Bank of Spain.

Tim Maurer is Co-Director of the Cyber Policy Initiative at the Carnegie Endowment for International Peace and author of Cyber Mercenaries: The State, Hackers, and Power.

Chris Wilson is a Senior Financial Sector Expert in the IMF's Monetary and Capital Markets Department and co-author of Cybersecurity Risk Supervision.