A global watchdog has sounded the alarm about the growing danger of cyber attacks on financial markets, warning that firms and regulators around the world need to address the “uneven” response to the threat of online assaults.
Greg Medcraft, chairman of the board of the International Organisation of Securities Commissions (Iosco), predicted that the next major financial shock – or “black swan event” – will come from cyber space, following a succession of attacks on financial players.
He warned that there needed to be a more concerted effort to tackle cyber threats around the world. “The feedback we have had from industry in discussions is that there is not a consistency in approach,” he said.
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