BoE and IMF Warn of Cyber Threat to Banking System

• The Bank of England (BoE) and the International Monetary Fund (IMF) have expressed concern about cyber threats to the banking system.
• Consumers may resort to keeping their money in physical form, such as in a shoebox under the bed, due to these concerns.
• Officials and experts are meeting in Bangkok to discuss the challenges facing the global economy.
• The IMF chief has warned that the recent attacks in Saudi Arabia could have negative repercussions globally.
• Such is the concern about cyber risks that consumers could revert to keeping their money in a shoebox under the bed rather than depositing it with a bank.