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Cover IMF Staff Country Reports
Norway: Financial Sector Assessment Program-Technical Note-Cybersecurity Risk Supervision and Oversight
International Monetary Fund. Monetary and Capital Markets Department
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.
Keywords:
ISCR; CR; cybersecurity incident; cybersecurity risk; incident report; NSM cybersecurity principle; FSA plan; incident information; information sharing; risk management; cybersecurity risk supervision; oversight function; Cyber risk; Financial sector; Financial stability assessment; PFM information systems; Securities; Global
Cover IMF Working Papers
Cyber Risk Surveillance: A Case Study of Singapore
Joseph Goh, Mr. Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, and Chris Yao
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.
Keywords:
WP; third-party cyberattack scenario; IT environment; financial system; outsourcing relationship; cybersecurity strategy; cyber risk; financial innovation; financial institutions; systemic risk; stress test.; WannaCry ransomware attack; Stress testing; Financial sector risk; Insurance companies; Global
Cover Departmental Papers
Cybersecurity Risk Supervision
Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson
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.
Keywords:
DPPP; DP; supervised firm; cybersecurity risk; ICT system; recovery plan; shape firms' cybersecurity capability; risk assessments; cyber crime; technology firm; risk supervision; risk profile; data life cycle; Cyber risk; Operational risk; Information technology in revenue administration; Financial sector; Financial sector stability; Global
Cover IMF Staff Country Reports
Switzerland: Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
International Monetary Fund. Monetary and Capital Markets Department
Financial Sector Assessment Program; Technical Note-Supervision and Oversight of Financial Market Infrastructures
Keywords:
ISCR; CR; risk management; governance arrangement; emergency FMI liquidity facility; assessment letter; business process; FMI board; resolution planning; risk matter; SNB oversight unit; resolution framework; FMI supervision; FMI resolution; financial market; recovery plan; FMI risk management; PFM information systems; Principles for Financial Market Infrastructures; Financial market infrastructure; Central counterparty clearing house; Cyber risk
Cover IMF Working Papers
Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions
Ms. Inutu Lukonga
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.
Keywords:
WP; cyber security; venture capital; CCA country; risk management; Fintech innovation; growth capital; private equity; Fintech; Cyber Risks; Financial Stability; Inclusive Growth and Financial Inclusion; fintech firm; technology company; Mobile banking; Financial inclusion; Cyber risk; Global
Cover IMF Working Papers
Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment
Antoine Bouveret
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.
Keywords:
WP; cyber attack; central bank; Cyber risk; systemic risk; operational risk; risk management; data breach; loss data; Poisson distribution; business operation; aggregate loss; Financial sector; Global
Cover Finance & Development
The Industrialization of CYBERCRIME
Tamas Gaidosch

Finance & Development, June 2018

Keywords:
FD; F&D; economist; currency; banknote; money; value; stepped-up cybersecurity awareness training; cybercrime operation; cybersecurity breach; lone-wolf hacker; cybercrime industry; Cyber risk; Financial sector; Global
Cover IMF Working Papers
Cyber Risk, Market Failures, and Financial Stability
Emanuel Kopp, Lincoln Kaffenberger, and Christopher Wilson
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.
Keywords:
WP; financial system; economic risk; preferred risk profile; business model; firms visibility; Cyber risk; systemic risk; cyber insurance; cyber regulation; risk management; information asymmetries; market failure; financial services firm; liability insurance; firms' customer; market risk shock; cybersecurity provider; risk assessment; data loss; cybersecurity risk; customer notification; breach customer security; Operational risk; Insurance; Financial sector; Global
Cover Finance & Development
The Dark Side of Technology: The benefits of the digital age are tempered by the risks
Chris Wellisz

Finance and Development, September 2016

Keywords:
FD; F&D; bank; economy; drive-through teller; firm; emerging market; social media; toll cybercrime; market-intelligence firm; global financial system; JPMorgan Chase; Emerging technologies; Social networks; Cyber risk; Securities; Global