The International Monetary Fund (IMF) revealed that financial institutions worldwide have lost $12 billion to cyberattacks over the past two decades.

The figures come from the IMF’s latest Global Financial Stability Report in April 2024. Of the total losses, $2.5 billion occurred between 2020 and the first quarter of 2024.

The IMF expressed concern over the growing frequency of cyberattacks on financial firms, warning that these attacks could shake confidence in the economic system and disrupt economies.

“Financial firms have sustained substantial losses, totaling nearly $12 billion since 2004 and $2.5 billion since 2020,” the IMF noted.

The report highlights that attacks on financial institutions account for almost 20% of total cyber incidents, with banks being the most vulnerable. Disruptions in the financial sector can impact financial and economic stability by undermining trust in the system and interrupting critical services.

For instance, a cyberattack on the Central Bank of Lesotho in December disrupted the national payment system, halting transactions for domestic banks.

The report also points out that financial firms in advanced economies, especially in the United States, face higher exposure to cyber threats compared to those in emerging markets and developing economies.