New Delhi: The International Monetary Fund (IMF) has cautioned that cyberattacks targeting banks and payment systems are increasing, raising the risk of disruptions to essential financial services.
In its report, the IMF noted that banking and financial services are becoming more dependent on online platforms. This growing reliance also exposes connected payment and technology systems to a higher likelihood of cyber incidents.
The IMF warned that if a major bank or a key payment network is hit, services such as sending and receiving money and accessing funds in bank accounts could be affected. The impact could spread to other financial institutions and potentially disrupt lending activity as well.
The report added that artificial intelligence could be used to make cyberattacks more sophisticated, while also helping institutions detect and prevent threats earlier. It also flagged the risk of multiple banks depending on the same technology service providers, where a single failure could affect many banks at once, urging stronger cybersecurity and continuity planning for critical services.
