International Monetary Fund warns cyberattacks could trigger bank runs

The International Monetary Fund (IMF) has warned that the increasing number and cost of cyberattacks could destabilize economies leading to bank runs. The knock-on effects of dealing with cyberattacks, such as reputational and financial losses, can spill over onto clients and other businesses, disrupting critical services.

The increasing reliance on third-party security providers over in-house teams is further exacerbating the problem, as a successful breach on a third-party could affect a significant number of businesses.

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