Cyber Incident Could Trigger EU Liquidity Crisis

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Central banks need to “reflect on the challenges to their traditional tools and emergency plans”

Europe’s systemic risk watchdog has warned that a single cyber incident could escalate from operational disruption into a major liquidity crisis across Europe.

The European Systemic Risk Board (ESRB) oversees banks, insurers, asset managers, financial market infrastructures and other financial institutions.

A cyber incident could “create disruption on such a scale that it has the potential to have serious negative consequences for the internal market and the real economy,” the ESRB warned, in a report that gamed both malicious and accidental incidents.

Systemic Cyber Risk: What’s the Culprit?

The report, published in February, was revisited by Computer Business Review this week apropos growing concerns about software supply chains.

In it, the ESRB particularly emphasised “insufficient industry oversight of third party suppliers and the supply chain” as among the most prominent risks.

It

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8 Tech Trends of 2020 That Every Digital Leader Should Embrace

Over seven years ago, Mark Andreessen, a famous American entrepreneur, investor, and software engineer proclaimed that: “We are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy.” While this prediction turned out to be one of the most accurate ones for the last 10 years, the current state of business technology is affecting this vision drastically.

In 2020, digital leaders will need to shift their strategies to serve rapidly changing customer preferences and enhance operational efficiency. Changes and innovations need to be implemented instantly to keep up with the proliferation of mobile devices and apps, increasing penetration of IoT, adoption of AI and Big Data, and the need to improve operational performance. Additionally, security and digital privacy concerns are expected to restrict market growth across the globe.

Digital industry experts and thought leaders

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