Cyber Risk Market Failures And Financial Stability

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Cyber Risk, Market Failures, and Financial Stability

Emanuel Kopp,Lincoln Kaffenberger,Christopher Wilson
Cyber Risk Market Failures and Financial Stability Book PDF

Author : Emanuel Kopp,Lincoln Kaffenberger,Christopher Wilson
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,8 Mb
Release : 2017-08-07
Category : Computers
ISBN : 9781484313787

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Cyber Risk, Market Failures, and Financial Stability by Emanuel Kopp,Lincoln Kaffenberger,Christopher Wilson 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 : 54,5 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 : 51,7 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 : 51,8 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 : 41,6 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.

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 : 43,8 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.

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 : 51,6 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.

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 : 42,5 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.

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 : 42,9 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.

Measuring and Managing Information Risk

Jack Freund,Jack Jones
Measuring and Managing Information Risk Book PDF

Author : Jack Freund,Jack Jones
Publisher : Butterworth-Heinemann
Page : 408 pages
File Size : 40,9 Mb
Release : 2014-08-23
Category : Computers
ISBN : 9780127999326

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Measuring and Managing Information Risk by Jack Freund,Jack Jones Pdf

Using the factor analysis of information risk (FAIR) methodology developed over ten years and adopted by corporations worldwide, Measuring and Managing Information Risk provides a proven and credible framework for understanding, measuring, and analyzing information risk of any size or complexity. Intended for organizations that need to either build a risk management program from the ground up or strengthen an existing one, this book provides a unique and fresh perspective on how to do a basic quantitative risk analysis. Covering such key areas as risk theory, risk calculation, scenario modeling, and communicating risk within the organization, Measuring and Managing Information Risk helps managers make better business decisions by understanding their organizational risk. Uses factor analysis of information risk (FAIR) as a methodology for measuring and managing risk in any organization. Carefully balances theory with practical applicability and relevant stories of successful implementation. Includes examples from a wide variety of businesses and situations presented in an accessible writing style.

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 : 44,5 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.

The Unhackable Internet

Thomas P. Vartanian
The Unhackable Internet Book PDF

Author : Thomas P. Vartanian
Publisher : Rowman & Littlefield
Page : 361 pages
File Size : 41,6 Mb
Release : 2023-02-15
Category : Business & Economics
ISBN : 9781633888845

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The Unhackable Internet by Thomas P. Vartanian Pdf

Like most aspects of modern existence, more and more of our financial lives have migrated to the digital realm. With the benefits of ease that our Internet allows us, that transition also raises numerous – and dangerous – threats to national security, our money, and the systems we use to store and transfer it. In TheUnhackable Internet, financial services and technology expert Thomas P. Vartanian exposes the vulnerabilities of the many networks that we rely on today as well as the threats facing the integrity of our national security and financial services sector. From cyberattacks by foreign adversaries like China and Russia, the explosion of cryptocurrency, the advancement of ransomware, phishing, surveillance apps, spying software, and logic bombs, along with the increasing savvy and daring shown by Internet hackers, the next financial panic is likely to be delivered to us through use or abuse of technology. The Unhackable Internet describes how society can remake an Internet that was never conceived as a secure environment and badly tainted by the original sin of substandard coding. Vartanian argues for increasing the use of private and offline network infrastructures, controlling the ownership of Internet infrastructure, and imposing enhanced authentication, governance, and enforcement standards. This online universe would look more like our analog lives, authenticating all digital traffic to a real person and removing any virtual traveler that violated the new rules of the road. The Unhackable Internet poses a challenge to America: take the lead and create a coalition of democratic nations to implement financial cyber strategies or be left with no counterweight short of military power to respond to those who weaponize technology. This comprehensive and compelling book makes it clear that nothing less than the control of global economies is up for grabs, and that how we use technology is our choice.

Germany

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 118 pages
File Size : 47,8 Mb
Release : 2016-06-29
Category : Business & Economics
ISBN : 9781475577730

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

This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools.

Namibia

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 71 pages
File Size : 49,5 Mb
Release : 2018-03-15
Category : Business & Economics
ISBN : 9781484347096

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

The paper assesses the stability of Namibia’s financial system. Macrofinancial vulnerabilities have built up over a period of rapid economic growth in Namibia, and the financial cycle has now turned down. The sovereign debt/GDP ratio has nearly doubled since 2014 which has reinforced the already strong bank-sovereign link. The rapid rise in housing prices and household debt, banks’ large exposure to mortgages, and banks reliance on wholesale funding are sources of concern. A major decline in real estate prices would adversely affect bank capital and profitability. Financial sector oversight has been strengthened significantly since the 2006 Financial System Assessment Program, but further upgrades are needed.

Financial Market Regulation and Reforms in Emerging Markets

Masahiro Kawai,Eswar Prasad
Financial Market Regulation and Reforms in Emerging Markets Book PDF

Author : Masahiro Kawai,Eswar Prasad
Publisher : Brookings Institution Press
Page : 441 pages
File Size : 41,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780815704898

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Financial Market Regulation and Reforms in Emerging Markets by Masahiro Kawai,Eswar Prasad Pdf

"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.