Bank for International Settlements: Hacking attacks such as digital bank robberies become major risks facing CBDC

A new report from the Bank for International Settlements warns that digital bank robberies and other cyber hacks will become a major risk for countries launching digital versions of their currencies. The worst-case scenario is a cyber hack that results in funds being stolen from the central bank’s digital vault. "Cybersecurity is a major risk for CBDCs," the report released on Wednesday said, adding that it would have a "profound impact" on how the central bank currently operates. The report also stated that the issuance of CBDC will have a significant impact on the business models of central banks and the risks they face, and will change their risk profiles. (Bloomberg)