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Global Financial System at Risk: A Call to Action

A report by the Carnegie Endowment for International Peace has sounded the alarm on the urgent need for a coordinated international strategy to protect the global financial system from the growing threat of cyber attacks. The report warns that without swift action, the financial sector will become increasingly vulnerable as innovation and competition fuel the digital revolution.

The Crisis of Fragmentation

Despite having the resources and technical capabilities to implement effective cybersecurity measures, the financial services community is hampered by a collective action problem. Siloed initiatives and fragmented efforts among governments, financial authorities, industry, and tech companies have created a disjointed response to the growing threat. The disconnect between the finance, national security, and diplomatic communities has exacerbated the issue.

A Blueprint for Action

The report recommends four key principles to reduce fragmentation and strengthen international cooperation:

• Clarify Roles and Responsibilities: Establish clear lines of authority among governments, financial authorities, and industry to ensure a unified response.
• International Collaboration is Urgent: Foster collaboration among nations, financial firms, and tech companies to share intelligence, coordinate responses, and develop common standards.
• Strengthen International Norms: Reinforce norms to protect the integrity of the financial system, including sanctions, arrests, and asset seizures for cyber attacks.
• Build Capacity: Develop a cybersecurity workforce, expand capacity in the financial sector, and safeguard gains in financial inclusion.

A Call to Action

The international community must come together to address this pressing challenge. A well-thought-out strategy like the one outlined above provides a blueprint for turning words into action. The time is now to take decisive action to protect the global financial system from the growing threat of cyber attacks.

Author Bio Tim Maurer is the director of the Cyber Policy Initiative and a senior fellow in the Carnegie Institute of International Peace’s Technology and International Affairs Program.