You can find information on the Federal Deposit Insurance Corporation’s websites, the Federal Reserve Board or the Office of the Comptroller of the Currency.
Determine the economic impact of the regulations you have researched on the global economy. Please provide an example and/or evidence supporting your answer.
Global Economy: Cybercrime Regulation and its Impact
Cybercrime exposed many financial institutions to dynamic and positive effects that could lead them to success. Cybercrime results in a global economy that suffers a loss of $ 445 billion each year. The introduction of the new reporting obligations by the Federal Board of Governors creates a unique atmosphere for reporting cyber threats (Younies & Na, 2020). This regulation requires that individuals and companies report financial cyberattacks early to prevent serious consequences.
A third party will investigate cyberattack reports before they are made public. It has the necessary skills and staff to do so. This regulation had a significant impact on the operation of many international financial institutions. By introducing the rule and making it effective, both the US economy and banks will be protected. All banks and other agencies with consumers around the world will be able to display a dynamic level of security through the preservation act (Ibrahim 2019, 2019). Before a serious impact can be seen, all cyber threats must first be identified and dealt with promptly. Cyberattacks against financial institutions or other organisations can result in significant losses of funds and the loss of critical information .
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