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Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

complex financial sector, it can be expensive and time-consuming to build detailed maps. Although these are useful for research, the added value for supervisors is not proportional to the effort. Therefore, constraints should be applied that limit the effort but still allow for a granularity suitable for drawing nontrivial conclusions. For example, the maps could only include important firms of the financial sector, 2 critical ICT systems, and top ICT third parties. 3 The limiting factors in choosing the network and data models are complexity, availability of data

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

Chapter 1 The Nature of the Risk The cyber threat landscape is highly dynamic and threat actors continue to evolve. Attacks against ICT systems have the potential to endanger financial stability . High-profle incidents demonstrate the potential impact of cyber attacks. 1 According to a recent report, cyber crime costs businesses close to US$600 billion annually, up from US$445 billion in 2014 ( McAfee and Center for Strategic & International Studies 2018 ). A 2017 survey estimated that a typical financial institution faces an average of 85 targeted cyber

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.
Mr. A. E. Wayne Mitchell, Ann Marie Wickham, and Mr. Manuel Rosales Torres
The quality and stock of infrastructure vary widely across countries of the Eastern Carribbean Currency Union and are inadequate to achieve the desired higher growth and social development. Given relatively low investment rates in the region, one solution is to invest more. However this paper shows that governments can also narrow their infrastructure and service gaps significantly by improving expenditure efficiency and strengthening public investment management systems.
Wayne Mitchell, Ann Marie Wickham, Manuel Torres, and Ms. Sònia Muñoz

PIM based ICT systems in the ECCU are not integrated and provide partial information. A separate ICT system is deployed by the treasury department and budget departments for facilitating financial payments, accounting and reporting on financial transaction. Systems f or procurement are also separate but are increasingly being rolled out to the public to improve transparency. Project accounts are not integrated with debt management ICT systems and systems for physical asset management and maintenance are not deployed. An effective ICT system allows line ministries

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson