Cybersecurity And Data Protection In The Financial Sector
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Cybersecurity and Data Protection in the Financial Sector by United States Congress,United States Senate,Committee on Banking Pdf
Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.
Cybersecurity and Data Protection in the Financial Sector by United States. Congress,United States Senate,Committee on Banking Housing and Urban Affairs Pdf
Cybersecurity and data protection in the financial sector : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... June 21, 2011.
Countering Cyber Threats to Financial Institutions by Pierre-Luc Pomerleau,David L. Lowery Pdf
Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.
Financial Cybersecurity Risk Management by Paul Rohmeyer,Jennifer L. Bayuk Pdf
Understand critical cybersecurity and risk perspectives, insights, and tools for the leaders of complex financial systems and markets. This book offers guidance for decision makers and helps establish a framework for communication between cyber leaders and front-line professionals. Information is provided to help in the analysis of cyber challenges and choosing between risk treatment options. Financial cybersecurity is a complex, systemic risk challenge that includes technological and operational elements. The interconnectedness of financial systems and markets creates dynamic, high-risk environments where organizational security is greatly impacted by the level of security effectiveness of partners, counterparties, and other external organizations. The result is a high-risk environment with a growing need for cooperation between enterprises that are otherwise direct competitors. There is a new normal of continuous attack pressures that produce unprecedented enterprise threats that must be met with an array of countermeasures. Financial Cybersecurity Risk Management explores a range of cybersecurity topics impacting financial enterprises. This includes the threat and vulnerability landscape confronting the financial sector, risk assessment practices and methodologies, and cybersecurity data analytics. Governance perspectives, including executive and board considerations, are analyzed as are the appropriate control measures and executive risk reporting. What You’ll Learn Analyze the threat and vulnerability landscape confronting the financial sector Implement effective technology risk assessment practices and methodologies Craft strategies to treat observed risks in financial systemsImprove the effectiveness of enterprise cybersecurity capabilities Evaluate critical aspects of cybersecurity governance, including executive and board oversight Identify significant cybersecurity operational challenges Consider the impact of the cybersecurity mission across the enterpriseLeverage cybersecurity regulatory and industry standards to help manage financial services risksUse cybersecurity scenarios to measure systemic risks in financial systems environmentsApply key experiences from actual cybersecurity events to develop more robust cybersecurity architectures Who This Book Is For Decision makers, cyber leaders, and front-line professionals, including: chief risk officers, operational risk officers, chief information security officers, chief security officers, chief information officers, enterprise risk managers, cybersecurity operations directors, technology and cybersecurity risk analysts, cybersecurity architects and engineers, and compliance officers
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.
Data Governance in AI, FinTech and LegalTech by Lee, Joseph,Darbellay, Aline Pdf
A comprehensive overview of the governance of urban infrastructures, this Companion combines illustrative cases with conceptual approaches to offer an innovative perspective on the governance of large urban infrastructure systems. Chapters examine the challenges facing urban infrastructure systems, including financial, economic, technological, social, ecological, jurisdictional and demand.
Managing Cyber Risk in the Financial Sector by Ruth Taplin Pdf
Cyber risk has become increasingly reported as a major problem for financial sector businesses. It takes many forms including fraud for purely monetary gain, hacking by people hostile to a company causing business interruption or damage to reputation, theft by criminals or malicious individuals of the very large amounts of customer information (“big data”) held by many companies, misuse including accidental misuse or lack of use of such data, loss of key intellectual property, and the theft of health and medical data which can have a profound effect on the insurance sector. This book assesses the major cyber risks to businesses and discusses how they can be managed and the risks reduced. It includes case studies of the situation in different financial sectors and countries in relation to East Asia, Europe and the United States. It takes an interdisciplinary approach assessing cyber risks and management solutions from an economic, management risk, legal, security intelligence, insurance, banking and cultural perspective.
Cybersecurity in the Financial Sector as a National Security Issue by Canada. Parliament. House of Commons. Standing Committee on Public Safety and National Security Pdf
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.
Online Banking Security Measures and Data Protection by Aljawarneh, Shadi A. Pdf
Technological innovations in the banking sector have provided numerous benefits to customers and banks alike; however, the use of e-banking increases vulnerability to system attacks and threats, making effective security measures more vital than ever. Online Banking Security Measures and Data Protection is an authoritative reference source for the latest scholarly material on the challenges presented by the implementation of e-banking in contemporary financial systems. Presenting emerging techniques to secure these systems against potential threats and highlighting theoretical foundations and real-world case studies, this book is ideally designed for professionals, practitioners, upper-level students, and technology developers interested in the latest developments in e-banking security.
Hands-On Cybersecurity for Finance by Dr. Erdal Ozkaya,Milad Aslaner Pdf
A comprehensive guide that will give you hands-on experience to study and overcome financial cyber threats Key FeaturesProtect your financial environment with cybersecurity practices and methodologiesIdentify vulnerabilities such as data manipulation and fraudulent transactionsProvide end-to-end protection within organizationsBook Description Organizations have always been a target of cybercrime. Hands-On Cybersecurity for Finance teaches you how to successfully defend your system against common cyber threats, making sure your financial services are a step ahead in terms of security. The book begins by providing an overall description of cybersecurity, guiding you through some of the most important services and technologies currently at risk from cyber threats. Once you have familiarized yourself with the topic, you will explore specific technologies and threats based on case studies and real-life scenarios. As you progress through the chapters, you will discover vulnerabilities and bugs (including the human risk factor), gaining an expert-level view of the most recent threats. You'll then explore information on how you can achieve data and infrastructure protection. In the concluding chapters, you will cover recent and significant updates to procedures and configurations, accompanied by important details related to cybersecurity research and development in IT-based financial services. By the end of the book, you will have gained a basic understanding of the future of information security and will be able to protect financial services and their related infrastructures. What you will learnUnderstand the cyber threats faced by organizationsDiscover how to identify attackersPerform vulnerability assessment, software testing, and pentestingDefend your financial cyberspace using mitigation techniques and remediation plansImplement encryption and decryptionUnderstand how Artificial Intelligence (AI) affects cybersecurityWho this book is for Hands-On Cybersecurity for Finance is for you if you are a security architect, cyber risk manager, or pentester looking to secure your organization. Basic understanding of cybersecurity tools and practices will help you get the most out of this book.
Cybersecurity by United States Government Accountability Office Pdf
Depository institutions experienced cyber attacks in recent years that are estimated to have resulted in hundreds of millions of dollars in losses. Depository institution regulators (the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and NCUA) oversee information security at these institutions and Treasury coordinates protection of the financial sector. The objectives of this report include examining (1) how regulators oversee institutions' efforts to mitigate cyber threats, and (2) sources of and efforts by agencies to share cyber threat information. GAO collected and analyzed cyber security studies from private-sector sources. GAO reviewed materials from selected IT examinations (based on regulator, institution size, and risk level). GAO also held three forums with more than 50 members of financial institution industry associations who provided opinions on cyber threat information sharing.
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.
Cybersecurity in Finance by Sylvain Bouyon,Simon Krause Pdf
In the midst of several large cyberattacks in 2017, the European Commission adopted its multi-sector cybersecurity package in September of that same year. Whereas this initiative can be expected to contribute to strengthening the cyber-resilience and response of EU financial firms, several policy issues and unanswered questions remain. In order to analyse the issues that are considered to be relevant to financial fields (retail banking, corporate banking, capital markets, financial infrastructure and insurance), CEPS-ECRI organised a Task Force between September 2017 and May 2018 with a group of experts from the financial industry, tech industry, national supervisors and European institutions, as well from a consumer association and a law firm. In this book, based on the Final Report, the Task Force members identify nine policy issues that need to be further addressed in order to bolster the financial industry’s cyber-resilience against current and future threats.
