The internet and the financial system show crucial affinities: both are tightly interconnected global networks whose orderly functioning is a prerequisite for economic prosperity. In financial and cyber crises alike, vulnerabilities are a consequence of distorted economic incentives, contagion is fast, and the most serious risk is loss of trust. Lessons learned from financial meltdowns translate to the cybersecurity world: stability cannot be achieved until policies are in place to address all of these issues. Steps have been taken to rectify incentives, as exemplified by recent European Union legislation. Data that helps identify weak nodes are still scarce, notwithstanding recent efforts. The preservation of trust is the hardest challenge: in the financial system, a global governance framework was put in place to help maintain and rebuild confidence at critical junctions, but conflicting national interests make it difficult to establish a cyber equivalent.
Biancotti, Claudia and Ciocca, Paolo
"Dry Rivers, Scary Strangers: Are Financial And Cyber Crises Alike?,"
Military Cyber Affairs: Vol. 3
, Article 7.
Available at: https://digitalcommons.usf.edu/mca/vol3/iss2/7