Christine Lagarde, European Central Bank (ECB) president, warns of financial crisis risk from ... [+] cyber-attacks dpa/picture alliance via Getty ImagesThe president of the European Central Bank (ECB), Christine Lagarde, has gone on record to warn that a cyber-attack on a major financial institution could trigger a liquidity crisis. According to a report in the Independent newspaper, ECB president Christine Lagarde has warned that a well-organized cyber-attack on major financial institutions could lead to a financial crisis. During a speech in France on February 5, Lagarde is reported as saying that operational outages that encrypted or destroyed balance accounts at a major bank could trigger a liquidity crisis. The ECB is no stranger to the cyber-attack risk. While not being a "major financial institution," the Travelex international foreign currency exchange was hit by ransomware attackers recently, and it took many weeks before it recovered fully.

Source: Forbes February 08, 2020 10:18 UTC