(Reuters) — The Bank of Canada said on Thursday that a major cyber attack against part of the financial system could spread quickly and threaten overall financial stability.
In an annual review of Canada’s financial system, the central bank said a possible cyber attack had been a key threat since Russia invaded Ukraine in February 2022.
“A successful cyber attack in one part of the financial system can quickly spread to other parts and threaten overall financial stability,” it said.
A serious incident could disrupt the delivery of services, cause major damage to compromised institutions “and weaken public confidence in the financial system,” it said.
The bank said ransomware attacks on critical or widely used third-party service providers remain a source of concern.
“This is particularly the case if the targeted provider provides a critical service, such as telecommunications, to a large commercial bank or prominent financial market infrastructure,”; it said.
Given the scale of the threat, participants in the financial system must have rigorous response and recovery plans, it said.