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Cyber Attacks Could Trigger Next Financial Crisis: ECB

The head of the European Central Bank has sounded the alarm about the potential for a coordinated hack on key banks to cause a financial meltdown. So reports the Independent.

financial crisis 544944 640 smallChristine Lagarde, the ECB’s president, said that there are multiple “plausible channels” where a cyber attack could lead to serious problems in the banking sector.

A liquidity crisis could ensue if hackers destroyed or encrypted the balance accounts of an important bank, Lagarde said.

Read the full article from the Independent.

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