Cybersecurity Risk Supervision

Cybersecurity Risk Supervision
Author: Christopher Wilson
Publisher: International Monetary Fund
Total Pages: 55
Release: 2019-09-24
Genre: Computers
ISBN: 1513507540

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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

Sweden
Author: International Monetary
Publisher: International Monetary Fund
Total Pages: 28
Release: 2023-04-05
Genre:
ISBN:

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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

South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight
Author: International Monetary
Publisher: International Monetary Fund
Total Pages: 32
Release: 2022-06-17
Genre: Business & Economics
ISBN:

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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

Cyber Risk, Market Failures, and Financial Stability
Author: Emanuel Kopp
Publisher: International Monetary Fund
Total Pages: 36
Release: 2017-08-07
Genre: Computers
ISBN: 1484314131

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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

Cybersecurity Risk Supervision
Author: Christopher Wilson
Publisher: International Monetary Fund
Total Pages: 55
Release: 2019-09-24
Genre: Computers
ISBN: 151351525X

Download Cybersecurity Risk Supervision Book in PDF, Epub and Kindle

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.

Cyber Risk and Financial Stability

Cyber Risk and Financial Stability
Author: Frank Adelmann
Publisher: International Monetary Fund
Total Pages: 32
Release: 2020-12-07
Genre: Business & Economics
ISBN: 1513512293

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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.

Financial Sector's Cybersecurity

Financial Sector's Cybersecurity
Author: Weltbankgruppe
Publisher:
Total Pages:
Release: 2018
Genre:
ISBN:

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The Financial Sector's Cybersecurity: Regulation and Supervision identifies prevalent concepts and practices and presents them in a way for financial sector authorities to consider and apply to their respective jurisdictions. Starting with the debate of whether cyber-specific regulations are necessary, the Paper goes on to discuss the essential coordination between financial sector authorities and other state agencies in dealing with cyber risk. It then moves on to the topic “taxonomies” as we all need to have a common language when speaking about cybersecurity to avoid any misunderstanding. Next sections discuss the issue of reiterating, or in some cases redefining, the responsibilities of the Board, Senior Management, and the Information Security Officer, specifically in Dealing with cybersecurity. Next, a prominent feature in many supervisory/regulatory practices is the role of incident response and recovery, as well as requirements of tests and simulations. Lastly, the paper covers the managing of outsourcing risk.

Spain

Spain
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
Total Pages: 30
Release: 2024-08
Genre:
ISBN:

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Spain: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability

Financial Sector's Cybersecurity

Financial Sector's Cybersecurity
Author: World Bank Group
Publisher:
Total Pages:
Release: 2018
Genre:
ISBN:

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The Financial Sector's Cybersecurity: Regulation and Supervision identifies prevalent concepts and practices and presents them in a way for financial sector authorities to consider and apply to their respective jurisdictions. Starting with the debate of whether cyber-specific regulations are necessary, the Paper goes on to discuss the essential coordination between financial sector authorities and other state agencies in dealing with cyber risk. It then moves on to the topic "taxonomies" as we all need to have a common language when speaking about cybersecurity to avoid any misunderstanding. Next sections discuss the issue of reiterating, or in some cases redefining, the responsibilities of the Board, Senior Management, and the Information Security Officer, specifically in Dealing with cybersecurity. Next, a prominent feature in many supervisory/regulatory practices is the role of incident response and recovery, as well as requirements of tests and simulations. Lastly, the paper covers the managing of outsourcing risk.

Financial Cybersecurity Risk Management

Financial Cybersecurity Risk Management
Author: Paul Rohmeyer
Publisher: Apress
Total Pages: 276
Release: 2018-12-13
Genre: Computers
ISBN: 1484241940

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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