RBA warns cyber attacks and climate change could threaten financial system

While finance sector is in a position to manage climate change risks, cyber attacks are rising in frequency, reserve bank says

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Climate change risk and cyber attacks could have devastating" consequences for Australia's financial system, the reserve bank has warned.

But in a speech to the Australasian Finance and Banking Conference online on Thursday, Jonathan Kearns, the RBA's head of financial stability, said the climate risk to banks could be managed" because they were less exposed than other sectors in a transition to a low emissions economy.

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