Cyber Risk And Financial Stability

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Cyber Risk, Market Failures, and Financial Stability

Emanuel Kopp,Lincoln Kaffenberger,Nigel Jenkinson
Cyber Risk Market Failures and Financial Stability Book PDF

Author : Emanuel Kopp,Lincoln Kaffenberger,Nigel Jenkinson
Publisher : International Monetary Fund
Page : 36 pages
File Size : 42,6 Mb
Release : 2017-08-07
Category : Business & Economics
ISBN : 9781484314135

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Cyber Risk, Market Failures, and Financial Stability by Emanuel Kopp,Lincoln Kaffenberger,Nigel Jenkinson Pdf

Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

Cyber Risk and Financial Stability

Frank Adelmann,Ms. Jennifer A. Elliott,Ibrahim Ergen,Tamas Gaidosch,Nigel Jenkinson,Mr. Tanai Khiaonarong,Anastasiia Morozova,Nadine Schwarz,Christopher Wilson
Cyber Risk and Financial Stability Book PDF

Author : Frank Adelmann,Ms. Jennifer A. Elliott,Ibrahim Ergen,Tamas Gaidosch,Nigel Jenkinson,Mr. Tanai Khiaonarong,Anastasiia Morozova,Nadine Schwarz,Christopher Wilson
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,9 Mb
Release : 2020-12-07
Category : Business & Economics
ISBN : 9781513512297

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Cyber Risk and Financial Stability by Frank Adelmann,Ms. Jennifer A. Elliott,Ibrahim Ergen,Tamas Gaidosch,Nigel Jenkinson,Mr. Tanai Khiaonarong,Anastasiia Morozova,Nadine Schwarz,Christopher Wilson Pdf

The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

Antoine Bouveret
Cyber Risk for the Financial Sector A Framework for Quantitative Assessment Book PDF

Author : Antoine Bouveret
Publisher : International Monetary Fund
Page : 29 pages
File Size : 43,9 Mb
Release : 2018-06-22
Category : Computers
ISBN : 9781484360750

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Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment by Antoine Bouveret Pdf

Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income.

Cybersecurity Risk Supervision

Christopher Wilson,Tamas Gaidosch,Frank Adelmann,Anastasiia Morozova
Cybersecurity Risk Supervision Book PDF

Author : Christopher Wilson,Tamas Gaidosch,Frank Adelmann,Anastasiia Morozova
Publisher : International Monetary Fund
Page : 55 pages
File Size : 40,5 Mb
Release : 2019-09-24
Category : Computers
ISBN : 9781513515250

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Cybersecurity Risk Supervision by Christopher Wilson,Tamas Gaidosch,Frank Adelmann,Anastasiia Morozova Pdf

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar
Powering the Digital Economy Opportunities and Risks of Artificial Intelligence in Finance Book PDF

Author : El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar
Publisher : International Monetary Fund
Page : 35 pages
File Size : 52,5 Mb
Release : 2021-10-22
Category : Business & Economics
ISBN : 9781589063952

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Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar Pdf

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions

Ms.Inutu Lukonga
Fintech Inclusive Growth and Cyber Risks Focus on the MENAP and CCA Regions Book PDF

Author : Ms.Inutu Lukonga
Publisher : International Monetary Fund
Page : 51 pages
File Size : 46,5 Mb
Release : 2018-09-11
Category : Business & Economics
ISBN : 9781484376546

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Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions by Ms.Inutu Lukonga Pdf

Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. This paper reviews the fintech landscape in the MENAP and CCA regions, identifies the constraints to the growth of fintech and its contribution to inclusive growth and considers policy options to unlock the potential.

Mexico

International Monetary Fund. Monetary and Capital Markets Department
Mexico Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 42 pages
File Size : 42,5 Mb
Release : 2022-11-10
Category : Business & Economics
ISBN : 9798400224720

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Mexico by International Monetary Fund. Monetary and Capital Markets Department Pdf

Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, internet and mobile banking users in Mexico have increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and beyond, make Mexico vulnerable to evolving cyber threats. Thus, the Financial System Stability Council (CESF) has recognized cyber as a risk with potential to impact financial stability.

Cyber Risk Surveillance: A Case Study of Singapore

Joseph Goh,Mr.Heedon Kang,Zhi Xing Koh,Jin Way Lim,Cheng Wei Ng,Galen Sher,Chris Yao
Cyber Risk Surveillance A Case Study of Singapore Book PDF

Author : Joseph Goh,Mr.Heedon Kang,Zhi Xing Koh,Jin Way Lim,Cheng Wei Ng,Galen Sher,Chris Yao
Publisher : International Monetary Fund
Page : 31 pages
File Size : 54,8 Mb
Release : 2020-02-10
Category : Computers
ISBN : 9781513526317

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Cyber Risk Surveillance: A Case Study of Singapore by Joseph Goh,Mr.Heedon Kang,Zhi Xing Koh,Jin Way Lim,Cheng Wei Ng,Galen Sher,Chris Yao Pdf

Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.

Central Bank Risk Management, Fintech, and Cybersecurity

Mr. Ashraf Khan,Majid Malaika
Central Bank Risk Management Fintech and Cybersecurity Book PDF

Author : Mr. Ashraf Khan,Majid Malaika
Publisher : International Monetary Fund
Page : 75 pages
File Size : 41,9 Mb
Release : 2021-04-23
Category : Business & Economics
ISBN : 9781513582344

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Central Bank Risk Management, Fintech, and Cybersecurity by Mr. Ashraf Khan,Majid Malaika Pdf

Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

Sweden

International Monetary
Sweden Book PDF

Author : International Monetary
Publisher : International Monetary Fund
Page : 28 pages
File Size : 41,6 Mb
Release : 2023-04-05
Category : Electronic
ISBN : 9798400237911

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Sweden by International Monetary Pdf

Sweden: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions

Ms.Inutu Lukonga
Fintech Inclusive Growth and Cyber Risks Focus on the MENAP and CCA Regions Book PDF

Author : Ms.Inutu Lukonga
Publisher : International Monetary Fund
Page : 51 pages
File Size : 42,7 Mb
Release : 2018-09-11
Category : Business & Economics
ISBN : 9781484374900

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Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions by Ms.Inutu Lukonga Pdf

Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. This paper reviews the fintech landscape in the MENAP and CCA regions, identifies the constraints to the growth of fintech and its contribution to inclusive growth and considers policy options to unlock the potential.

Cyber Risk in Central Banking

Sebastian Dörr,Leonardo Gambacorta,Thomas Leach,Bertrand Legros,David Whyte
Cyber Risk in Central Banking Book PDF

Author : Sebastian Dörr,Leonardo Gambacorta,Thomas Leach,Bertrand Legros,David Whyte
Publisher : Unknown
Page : 0 pages
File Size : 50,8 Mb
Release : 2022
Category : Banks and banking, Central
ISBN : OCLC:1344473974

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Cyber Risk in Central Banking by Sebastian Dörr,Leonardo Gambacorta,Thomas Leach,Bertrand Legros,David Whyte Pdf

"The rising number of cyber attacks in the financial sector poses a threat to financial stability and makes cyber risk a key concern for policy makers. This paper presents the results of a survey among members of the Global Cyber Resilience Group on cyber risk and its challenges for central banks. The survey reveals that central banks have notably increased their cyber security-related investments since 2020, giving technical security control and resiliency priority. Central banks see phishing and social engineering as the most common methods of attack, and the potential losses from a systemically relevant cyber attack are deemed to be large, especially if the target is a big tech providing critical cloud infrastructures. Generally, respondents judge the preparedness of the financial sector for cyber attacks to be inadequate. While central banks in most emerging market economies provide a framework for the collection of information on cyber attacks on financial institutions, less than half of those in advanced economies do. Cooperation among public authorities, especially in the international context, could improve central banks’ ability to respond to cyber attacks."--Abstract.

Canada

International Monetary Fund. Monetary and Capital Markets Department
Canada Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 85 pages
File Size : 40,5 Mb
Release : 2019-06-24
Category : Business & Economics
ISBN : 9781498321112

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Canada by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.

South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
South Africa Financial Sector Assessment Program Technical Note on Cybersecurity Risk Supervision and Oversight Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 32 pages
File Size : 49,8 Mb
Release : 2022-06-17
Category : Business & Economics
ISBN : 9798400214295

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South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem. The South African financial system has a long history of incorporating technology and as for many financial systems across the globe, digitalization has become a strategic priority. For risk management to keep pace with the dynamic nature of cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures). Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased. However, high standards of risk management meant threats did not materialize into significant losses and/or disruptions.

Chile

International Monetary Fund. Western Hemisphere Dept.
Chile Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 41 pages
File Size : 44,5 Mb
Release : 2024-02-06
Category : Business & Economics
ISBN : 9798400266591

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Chile by International Monetary Fund. Western Hemisphere Dept. Pdf

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