Next financial crisis may be triggered by a cyberattack, says MAS chief

EMERGING technologies help reduce risks in the financial sector, but they may also accentuate some risks or even create new ones, such as cyberattacks and runaway algorithms, warned Ravi Menon, managing director of the Monetary Authority of Singapore.

 

In his keynote address at an annual forum by the Australian Securities and Investments Commission in Sydney on Monday, he said cyberattacks, which are less visible and often hit many firms at the same time, are a growing threat to the financial ecosystem, and that financial technology (fintech) could accentuate this risk.

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