Cyber security is top priority for risk managers.

In the Risk Management Benchmarks 2024 survey, central banks across all income categories ranked cyber security as their greatest concern, with the average score placing cyber security comfortably in first place. This confirms that cyber security remains the number one risk for central banks. The survey asked respondents to rank their top risks, and cyber security emerged as the key concern.

The high ranking of cyber security reflects the ongoing threats faced by central banks from cyber attacks. As financial institutions, central banks are attractive targets for hackers seeking financial gain or attempting to disrupt the financial system.

Central banks play a critical role in ensuring the stability of the financial system, and any successful cyber attack could have serious consequences. A breach of security could lead to the theft of sensitive financial and personal data, as well as the compromise of payment systems and other critical infrastructure.

To mitigate the risk of cyber attacks, central banks must invest in robust cyber security measures. This includes implementing strong access controls, regularly updating security software, conducting regular vulnerability assessments, and training staff to recognize and respond to potential threats.

In addition to external threats, central banks must also address internal vulnerabilities. Insider threats, such as employees intentionally or unintentionally compromising security, can pose a significant risk. Central banks should implement policies and procedures to monitor and address potential insider threats.

It is also important for central banks to collaborate and share information with other financial institutions and government agencies to enhance their collective ability to detect and respond to cyber threats. By sharing information about cyber attacks, vulnerabilities, and best practices, central banks can strengthen their defenses and better protect the financial system as a whole.

In conclusion, cyber security remains a critical concern for central banks. As the threat landscape continues to evolve and cyber attacks become more sophisticated, central banks must remain vigilant and invest in robust cyber security measures to protect themselves and the financial system from potential threats.