The International Monetary Fund (IMF) has issued a warning about the escalating threat of cyberattacks targeting financial institutions worldwide.

According to the IMF’s recent report, financial firms have suffered substantial losses, totalling $12 billion over the last two decades, with $2.5 billion lost between 2020 and 2024 alone.

“Attacks on financial firms account for nearly one-fifth of the total, of which banks are the most exposed,” the IMF stated. This revelation comes amidst growing concerns that cyberattacks could undermine confidence in the financial system and trigger economic instability.