But cyber risk is becoming important for financial stability, too. As forthcoming analysis from the European Systemic Risk Board shows, there are plausible channels through which a cyber attack could morph into a serious financial crisis. An operational outage that, say, destroys or encrypts the balance accounts of a major financial institution could trigger a liquidity crisis, and history shows that liquidity crises can quickly become systemic crises. -- Christine Lagarde, President of the European Central Bank, Feb 5, 2020 Full transcript: https://www.bis.org/review/r200205b.htm Initial ne ..read more