Cyber Risk In Central Banking
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| Author | : Sebastian Dörr |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2022 |
| Genre | : Banks and banking, Central |
| ISBN | : |
"The rising number of cyber attacks in the financial sector poses a threat to financial stability and makes cyber risk a key concern for policy makers. This paper presents the results of a survey among members of the Global Cyber Resilience Group on cyber risk and its challenges for central banks. The survey reveals that central banks have notably increased their cyber security-related investments since 2020, giving technical security control and resiliency priority. Central banks see phishing and social engineering as the most common methods of attack, and the potential losses from a systemically relevant cyber attack are deemed to be large, especially if the target is a big tech providing critical cloud infrastructures. Generally, respondents judge the preparedness of the financial sector for cyber attacks to be inadequate. While central banks in most emerging market economies provide a framework for the collection of information on cyber attacks on financial institutions, less than half of those in advanced economies do. Cooperation among public authorities, especially in the international context, could improve central banks’ ability to respond to cyber attacks."--Abstract.
| Author | : Mr. Ashraf Khan |
| Publisher | : International Monetary Fund |
| Total Pages | : 75 |
| Release | : 2021-04-23 |
| Genre | : Business & Economics |
| ISBN | : 1513582348 |
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.
| Author | : Frank Adelmann |
| Publisher | : International Monetary Fund |
| Total Pages | : 32 |
| Release | : 2020-12-07 |
| Genre | : Business & Economics |
| ISBN | : 1513512293 |
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.
| Author | : Antoine Bouveret |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2018-06-22 |
| Genre | : Computers |
| ISBN | : 1484360753 |
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.
| Author | : Arvinder Bharath |
| Publisher | : International Monetary Fund |
| Total Pages | : 53 |
| Release | : 2024-08-27 |
| Genre | : Business & Economics |
| ISBN | : |
Over 100 central banks around the globe are exploring central bank digital currencies (CBDCs) to modernize payment systems. They aim to explore potential benefits, risks, and the broad range of new capabilities CBDCs might offer. Some view CBDC exploration as an opportunity to rethink their existing, legacy payment systems and build a resilient and secure infrastructure using modern technologies. However, a CBDC creates a vast and complex ecosystem that amplifies existing risk exposures and surfaces new ones. Given the implications of issuing a CBDC, it should be seen as a fundamental change in the way the central bank operates. This note considers experiences from live CBDCs and is informed by experiments conducted by central banks and international institutions for domestic use. It also draws from cybersecurity and resilience frameworks from standard-setting bodies.
| Author | : Christopher Wilson |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 2019-09-24 |
| Genre | : Computers |
| ISBN | : 1513507540 |
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.
| Author | : Ms.Inutu Lukonga |
| Publisher | : International Monetary Fund |
| Total Pages | : 51 |
| Release | : 2018-09-11 |
| Genre | : Business & Economics |
| ISBN | : 1484376544 |
Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. 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.
| Author | : Emanuel Kopp |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2017-08-07 |
| Genre | : Computers |
| ISBN | : 148431378X |
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.
| Author | : Emanuel Kopp |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2017-08-07 |
| Genre | : Computers |
| ISBN | : 1484314131 |
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.
| Author | : Joseph Goh |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2020-02-10 |
| Genre | : Computers |
| ISBN | : 1513526316 |
Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.
