Cybersecurity Risk Supervision
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Cybersecurity Risk Supervision
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Author : Christopher Wilson
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-24
Cybersecurity Risk Supervision written by Christopher Wilson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-24 with Computers categories.
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
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-04-05
Sweden written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-05 with Business & Economics categories.
Sweden: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight
Cybersecurity Risk Supervision
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Author : Christopher Wilson
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-24
Cybersecurity Risk Supervision written by Christopher Wilson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-24 with Computers categories.
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.
South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-06-17
South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-17 with Business & Economics categories.
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
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Author : Emanuel Kopp
language : en
Publisher: International Monetary Fund
Release Date : 2017-08-07
Cyber Risk Market Failures And Financial Stability written by Emanuel Kopp and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-07 with Computers categories.
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.
Norway
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher:
Release Date : 2020-08-12
Norway written by International Monetary Fund. Monetary and Capital Markets Department and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-12 with categories.
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.
Euro Area
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-07-25
Euro Area written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-07-25 with categories.
The FSAP reviewed the supervision and oversight of cyber risk and operational resilience of Significant Banking Institutions (SIs) in the Single Supervisory Mechanism (SSM) and the Financial Market Infrastructures (FMIs) operated by the Eurosystem. From an institutional perspective, the review included the ECB’s relevant organizational units in the ECB Banking Supervision, Directorate General Market Infrastructure and Payments (DG-MIP), and the European Supervisory Authorities’ (ESA) joint Directorate in charge for Digital Operational Resilience Act (DORA) oversight; jointly referred to as ‘authorities’.
Good Practices In Cyber Risk Regulation And Supervision
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Author : Tamas Gaidosch
language : en
Publisher: International Monetary Fund
Release Date : 2026-01-05
Good Practices In Cyber Risk Regulation And Supervision written by Tamas Gaidosch and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2026-01-05 with Business & Economics categories.
The paper synthesizes global experiences and key lessons in the regulation and supervision of cyber risk in the financial sector. It draws on the IMF’s financial stability surveillance and technical assistance work. It underscores the increasing frequency and complexity of cyber threats. These threats present systemic risk as financial institutions and market infrastructures become more reliant on digital technologies. The paper delineates established good practices for effective, proportionate, and outcome-oriented regulatory frameworks. To build these, authorities need to: (1) ensure frameworks address information and communication technology and comprehensive cyber risk management; (2) establish clear governance arrangements and rigorous risk management protocols; (3) conduct systematic testing and ensure robust oversight of third-party service providers; (4) apply good supervisory practices in supervision and oversight —including offsite and onsite supervision, thematic reviews, simulation exercises; and (5) develop strategies for sector-wide operational resilience. The findings advocate for a calibrated approach blending principles-based and prescriptive regulation, adaptable to the maturity of individual institutions. Ongoing supervisory visibility and capacity development remains essential. By providing actionable recommendations, the paper seeks to support authorities worldwide in enhancing cyber resilience, promoting financial stability, and preserving the integrity of the digital financial ecosystem.
Strengthening Cybersecurity
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Author : Rangachary Ravikumar
language : en
Publisher: International Monetary Fund
Release Date : 2025-03-21
Strengthening Cybersecurity written by Rangachary Ravikumar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-21 with Business & Economics categories.
This technical note and manual (TNM) draws lessons from cybersecurity surveys conducted by the Monetary and Capital Markets Department (MCM) to provide advice to central banks, supervisory authorities and policy makers seeking to strengthen cybersecurity of their financial sectors. The TNM covers various measures adopted by central banks and supervisory authorities, lessons learned from the survey results, and further efforts to be made in strengthening cybersecurity, besides providing references to work by international standard setting bodies. Concerted efforts are needed to (i) develop national and financial sector focused cybersecurity strategies; (ii) build cyber risk regulatory and supervisory capacity; and (iii) address resource constraints. Legal and regulatory clarity regarding supervisory powers; adequate attention by top management; and resource augmentation will help supervisory authorities address existing gaps in these areas. Central banks and supervisory authorities also need to develop processes to better understand the threat landscape on a continuous basis. Capacity needs to be augmented in: (i) conducting cyber exercises and tests; (ii) helping build sector-wide incident response capabilities; and (iii) building cyber maps. In addition, special attention is needed towards establishing and nurturing robust institutional arrangements, in terms of enabling legal provisions to criminalize cyberattacks and establishing Computer Emergency Response Teams and Financial Sector CERTs.
Annual Report
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Author : Board of Governors of the Federal Reserve System (U.S.)
language : en
Publisher:
Release Date : 2014
Annual Report written by Board of Governors of the Federal Reserve System (U.S.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Banks and banking categories.