The International Monetary Fund (IMF) has issued a warning about the potential for extreme cyberattacks to cause significant disruptions in the financial sector. According to the IMF, cyberattacks have already cost financial firms approximately $12bn over the past 20 years. The organization highlights the risk of such attacks triggering bank runs, where masses of customers might withdraw their funds simultaneously, leading to severe liquidity crises. In response to these threats, the IMF advocates for the development of a national strategy to better protect banks, noting that financial institutions have lost $2.5bn to cyberattacks.