Front Matter Page
Monetary and Capital Markets Department
Contents
I. Motivation
II. Financial Stability Implications of Cyber Risk
A. Microprudential Risks Posed by Cyber Events
B. Systemic Risk Transmission Channels of Cyber Events
C. Systemicity of Cyber Events
III. Analysis of Cyber Risk to Financial Institutions
A. Reinterpreting Traditional Risk Analyses as Cyber Risk Analyses
B. Key Indicators
C. Monitoring Risk Without Cybersecurity Incident Data
D. Data Sources, Event Studies and Value-at-Risk
E. A Cyber Risk Assessment Matrix (Cyber RAM)
F. Stress Tests on Cyber Risk in Singapore
G. Analysis of Cyber Risks Posed by Outsourcing Relationships
H. Mapping the Network of Financial and Cyber Exposures
IV. Approaches to Cybersecurity in the Singapore Financial Sector
A. Regulatory Approach
B. Efforts by Financial Institutions
V. Conclusions
References
Appendix
I. Example data reporting templates
Figures
1. Cyber Risk and Systemic Risk: Transmission Channels
2. Systemic Risk of Various Cyber Events
3. Frequency of Cybersecurity Incidents
4. Severity of Cyberattacks
5. An Example of a Financial—Cyber Network Map
Tables
1. Cyber Risk Assessment Matrix for Banks
2. Bottom-up Estimates of Banks’ Losses from a Cyberattack