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. PHOTO: ST FILE
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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.

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