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-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated.
The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector.
Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem.
Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too.
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 ...
The ESRB has developed an analytical framework to assess how cyber risk can become a source of systemic risk to the financial system.
This report presents a strategy for developing the capabilities needed to mitigate the risk of financial instability in the event of a cyber incident.
Cyber Risk Management Source: Kopp, E., L. Kaffenberger, C. Wilson, 2017, Cyber Risk, Market Failures, and Financial Stability, IMF Working Paper 17/185. Washington: International Monetary Fund. Beside the unique technological and ...
Building on this work, this paper describes a conceptual model for systemic cyber risk, and aims to: - provide a structured approach that can be used to describe cyber incidents, from genesis through to a potential systemic event; - ...
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.