Confidence in banks and financial systems post-cyber attack key to financial stability: MAS

Cyber threats are constantly changing and the perpetrators' motivations will continue to evolve, the Monetary Authority of Singapore said in a new report.
Cyber threats are constantly changing and the perpetrators' motivations will continue to evolve, the Monetary Authority of Singapore said in a new report.PHOTO: ST FILE

SINGAPORE - A cyber attack on financial institutions could undermine consumer confidence and spark a run on the banks, warned a new report.

It noted that the level of confidence in the financial system is a significant factor in determining whether such an attack would lead to wider systemic problems.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content