Cybersecurity Risk Supervision

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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 : 46,6 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.

Sweden

International Monetary
Sweden Book PDF

Author : International Monetary
Publisher : International Monetary Fund
Page : 28 pages
File Size : 54,8 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

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 : 47,6 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.

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 : 45,8 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.

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 : 55,9 Mb
Release : 2019-09-24
Category : Computers
ISBN : 9781513507545

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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.

Norway

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : Unknown
Page : 30 pages
File Size : 52,7 Mb
Release : 2020-08-12
Category : Electronic
ISBN : 1513553143

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

The Norwegian financial system has a long history of incorporating new technology. Norway is at the forefront of digitization and has tight interdependencies within its financial system, making it particularly vulnerable to evolving cyber threats. Norway is increasingly a cashless society, with surveys and data collection suggesting that only 10 percent of point-of-sale and person-to-person transactions in 2019 were made using cash.1 Most payments made in Norway are digital (e.g., 475 card transactions per capita per annum)2 and there is an increase in new market entrants providing a broad range of services. Thus, good cybersecurity is a prerequisite for financial stability in Norway.

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 : 48,5 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.

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 : 51,6 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.

Belize

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

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : Unknown
Page : 22 pages
File Size : 55,6 Mb
Release : 2020-09-25
Category : Electronic
ISBN : 1513557440

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

Cybersecurity risk is embedded in the CBB's supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions' processes for cyber risk identification, assessment, and mitigation.

Governance, Compliance and Supervision in the Capital Markets, + Website

Sarah Swammy,Michael McMaster
Governance Compliance and Supervision in the Capital Markets Website Book PDF

Author : Sarah Swammy,Michael McMaster
Publisher : John Wiley & Sons
Page : 176 pages
File Size : 50,5 Mb
Release : 2018-05-11
Category : Business & Economics
ISBN : 9781119380658

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Governance, Compliance and Supervision in the Capital Markets, + Website by Sarah Swammy,Michael McMaster Pdf

The definitive guide to capital markets regulatory compliance Governance, Compliance, and Supervision in the Capital Markets demystifies the regulatory environment, providing a practical, flexible roadmap for compliance. Banks and financial services firms are under heavy regulatory scrutiny, and must implement comprehensive controls to comply with new rules that are changing the way they conduct business. This book provides a way forward, with clear, actionable guidance that strengthens governance at all levels, and balances supervisory and compliance requirements with the need to do business. From regulatory schemes to individual roles and responsibilities, this invaluable guide details the most pressing issues in today's financial services organizations, and provides expert advice. The ancillary website provides additional tools and guidance, including checklists, required reading, and sample exercises that help strengthen understanding and ease real-world implementation. Providing both a broad overview of governance, compliance, and supervision, as well as detailed guidance on application, this book presents a solid framework for firms seeking a practical approach to meeting the new requirements. Understand the importance of governance and "Tone at the Top" Distinguish the roles of compliance and supervision within a financial services organization Delve into the regulatory scheme applicable to broker dealers, banks, and investment advisors Examine the risks and consequences of inadequate supervision at the organizational or individual level The capital markets regulatory environment is complex and ever-evolving, yet compliance is mandatory. A solid understanding of regulatory structure is critical, but must also be accompanied by a practical strategy for effective implementation. Governance, Compliance, and Supervision in the Capital Markets provides both, enabling today's banks and financial services firms to get back on track and get back to business.

Financial Cybersecurity Risk Management

Paul Rohmeyer,Jennifer L. Bayuk
Financial Cybersecurity Risk Management Book PDF

Author : Paul Rohmeyer,Jennifer L. Bayuk
Publisher : Apress
Page : 276 pages
File Size : 50,8 Mb
Release : 2018-12-13
Category : Computers
ISBN : 9781484241943

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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

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 : 42,9 Mb
Release : 2024-02-06
Category : Business & Economics
ISBN : 9798400266591

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Chile by International Monetary Fund. Western Hemisphere Dept. Pdf

Selected Issues

Analyzing Banking Risk (Fourth Edition)

Hennie van Greuning,Sonja Brajovic Bratanovic
Analyzing Banking Risk Fourth Edition Book PDF

Author : Hennie van Greuning,Sonja Brajovic Bratanovic
Publisher : World Bank Publications
Page : 399 pages
File Size : 40,5 Mb
Release : 2020-06-10
Category : Business & Economics
ISBN : 9781464815188

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Analyzing Banking Risk (Fourth Edition) by Hennie van Greuning,Sonja Brajovic Bratanovic Pdf

Analyzing Banking Risk: A Framework for Assessing Corporate Governance and Risk Management provides a comprehensive overview of topics focusing on assessment, analysis, and management of financial risks in banking. The publication emphasizes risk management principles and stresses that key players in the corporate governance process are accountable for managing the different dimensions of financial and other risks. This fourth edition remains faithful to the objectives of the original publication. It covers new business aspects affecting banking risks, such as mobile banking and regulatory changes over the past decade—specifically those related to Basel III capital adequacy concepts—as well as new operational risk management topics such as cybercrime, money laundering, and outsourcing. This publication will be of interest to a wide body of users of bank financial data. The target audience includes the persons responsible for the analysis of banks and for the senior management or organizations directing their efforts. Because the publication provides an overview of the spectrum of corporate governance and risk management, it is not aimed at technical specialists of any particular risk management area. *** Hennie van Greuning was formerly a Senior Adviser in the World Bank’s Treasury Unit and previously worked as a sector manager for financial sector operations in the World Bank. He has been a partner in a major international accounting firm and a controller and head of bank supervision in a central bank. Since retiring from the World Bank, he has chaired audit, ethics, and risk committees in various banks and has been a member of operational risk and asset-liability management committees. Sonja Brajovic Bratanovic was a Lead Financial Sector Specialist at the World Bank, after a career as a senior official in a central bank. With extensive experience in banking sector reforms and financial risk analysis, she led World Bank programs for financial sector reforms, as well as development projects. Since her retirement, she has continued as a senior consultant for World Bank development projects in the financial sector, as well as an advisor for other development institutions.

Trinidad and Tobago

International Monetary Fund. Monetary and Capital Markets Department
Trinidad and Tobago Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 23 pages
File Size : 48,6 Mb
Release : 2023-05-08
Category : Business & Economics
ISBN : 9798400240249

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Trinidad and Tobago by International Monetary Fund. Monetary and Capital Markets Department Pdf

At the request of the CBTT, a TA mission on strengthening cybersecurity in financial institutions was delivered during the period October 31–November 4, 2022. The Governor requested the TA during the 2022 Spring Meetings and the deliverables for the mission and the milestones were identified by having a dialogue with the authority. The mission had two objectives: (i) to strengthen the cybersecurity of the financial institutions under the supervisory ambit of CBTT and (ii) to improve the cybersecurity stance of the CBTT. For the project for strengthening cybersecurity of the Central Bank an internal project team has been constituted. For strengthening cybersecurity of financial institutions, the CBTT has established a working group comprising all the financial regulators (namely, the CBTT, Trinidad and Tobago Securities and Exchange Commission (TTSEC), the Financial Intelligence Unit of Trinidad and Tobago (FIUTT), and the Office of the Commission of Cooperative Development (CCD) to draft a cybersecurity guideline for financial institutions and a supervisory manual.

Norway

International Monetary Fund. European Dept.
Norway Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 69 pages
File Size : 44,5 Mb
Release : 2023-07-26
Category : Business & Economics
ISBN : 9798400246791

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Norway by International Monetary Fund. European Dept. Pdf

After strong performance in 2022, some deceleration in growth is expected, given geopolitical headwinds and tightening of financial conditions, including globally. Risks are balanced, and there is ample policy space in the short term to accommodate downside surprises. However, leveraging its strong fundamentals, Norway is encouraged to focus on the longer-term structural agenda, given soon-to-be-pressing issues with demographics.