Covid-19 and cyber risk in the financial sector

Key takeaways

• The financial sector has been hit by hackers relatively more often than other sectors during the Covid-19 pandemic.
• While this has not yet led to significant disruptions or a systemic impact, there are substantial risks from cyber attacks for financial institutions, their staff and their customers going forward.
• Financial authorities are working to mitigate cyber risks, including through international cooperation.

The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.