20 to 35% of banks' quarterly profit at risk in direct cyber attacks

Singapore

A FULL-BLOWN direct cyber attack on a bank would cost it between 20 and 35 per cent of its quarterly profits - even when contingency measures are in place, the latest stress test by the Monetary Authority of Singapore (MAS) has found.

The cost for this worst-case scenario jumps to as much as 65 per cent if no contingencies are made, said the regulator, as it raised scrutiny on the impact of cyber security on financial stability in Singapore. Deposits could also decline by one to 5 per cent.