Cybersecurity: A Global Threat Needs a Global Response

<p>Over two-thirds of global financial institutions have seen an increase in cyberattacks in recent years. In the UK alone, the number of security breaches has increased by over 480%. Cybersecurity is no longer just about firewalls, data encryption, and strong passwords. While those are still necessary, they are not enough to fight a threat that knows no borders.  One recent law enforcement operation that started in Spain busted a cyber gang operating in 15 countries and required coordinated efforts with the FBI, Europol and other private companies. In this podcast, three leading specialists in cybersecurity discuss how to create a safer digital world for financial institutions. Carnegie Endowment's Tim Maurer, IMF's Chris Wilson, and Central Bank of Spain's Silvia Senabre participated in a recent workshop on cybersecurity hosted by the IMF.</p> <p><strong>Tim Maurer</strong> is co-director of the Cyber Policy Initiative at the Carnegie Endowment for International Peace and author of <em><a href= "https://carnegieendowment.org/2018/01/18/cyber-mercenaries-state-hackers-and-power-pub-75280"> Cyber Mercenaries: The State, Hackers, and Power</a></em>.</p> <p><strong>Silvia Senabre</strong> is a mathematician and computer engineer who works on cybersecurity risk evaluation for the <strong><a href="https://www.bde.es/bde/en/">Central Bank of Spain</a>.</strong></p> <p><strong>Chris Wilson</strong> is a Senior Financial Sector Expert in the IMF's Monetary and Capital Markets Department and co-author of <a href= "https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2019/09/23/Cybersecurity-Risk-Supervision-46238"> Cybersecurity Risk Supervision</a>.</p>