Global Financial Stability Report by the IMF for April 2024, has it that companies have historically faced relatively moderate direct losses from cyberattacks, but some have encountered significantly heavier burdens.

For instance, the US credit reporting agency Equifax paid over $1 billion in penalties following a major data breach in 2017, affecting approximately 150 million consumers.

The report highlights an escalating risk of severe losses from cyber incidents, potentially leading to funding challenges for companies and even endangering their financial stability. These extreme losses have surged to $2.5 billion since 2017, quadrupling in size. Additionally, indirect losses such as reputational harm or security enhancements are substantially higher.

The financial sector is particularly vulnerable to cyber risk due to the vast amounts of sensitive data and transactions it handles, making it a prime target for criminals aiming to steal funds or disrupt economic operations. Attacks on financial institutions constitute nearly one-fifth of the total, with banks being the most susceptible.

Incidents within the financial sector pose a threat to financial and economic stability by undermining confidence in the financial system, disrupting essential services, or triggering cascading effects on other institutions.

For instance, a significant incident at a financial institution could erode trust and potentially lead to market turmoil or bank runs. While no major "cyber runs" have occurred thus far, analysis suggests minor yet somewhat persistent deposit outflows at smaller US banks following cyberattacks.

Cyber incidents disrupting critical services such as payment networks could severely impact economic activity. For instance, a December attack on the Central Bank of Lesotho disrupted the national payment system, halting transactions by domestic banks.