Cyberattacks on financial institutions and other actors in banking and finance have become a feature of modern life. They are happening day-in and day-out all around the world. And as the Carnegie Endowment for International Peace notes, this trend is worsening.1
Central banks are not immune to this. On the contrary, they are powerful magnets for hackers looking to find exploitable vulnerabilities in the banks’ digital systems. These hackers could be criminals, state actors, or “hacktivists.” The type of organization posing a threat might vary, as might their goals and motives. Therefore central banks need comprehensive and effective defenses against all kinds of cyberattacks whose objectives might include financial gain, information theft, or systemic disruption.