Sky News Business Editor Ross Greenwood says it “seems almost inevitable” that Australian financial institutions will be subject to a cyber-attack which will be detrimental to the country’s financial stability.

“ANZ has had some outages in its system today, and so that again is just a reminder of not only the technical difficulties, but also even the number of cyber-attacks,” Mr Greenwood told Sky News host Chris Kenny.

“Now there’s no suggestion this one today is a cyber-attack, but the Reserve Bank in its financial stability report does warn today that a significant attack on a financial institution in Australia … could really have quite a detrimental impact on Australia’s financial stability.”

Mr Greenwood said the Reserve Bank’s report reveals cyber attacks are happening “literally” on an hourly or daily basis.

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