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Worth A Thousand Words

Cybersecurity Risk Supervision PDF Author: Christopher Wilson
Publisher: International Monetary Fund
ISBN: 151351525X
Category : Business & Economics
Languages : en
Pages : 55

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Book Description
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.

Cybersecurity Risk Supervision

Cybersecurity Risk Supervision PDF Author: Christopher Wilson
Publisher: International Monetary Fund
ISBN: 151351525X
Category : Business & Economics
Languages : en
Pages : 55

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Book Description
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.

Cybersecurity Risk Supervision

Cybersecurity Risk Supervision PDF Author: Christopher Wilson
Publisher: International Monetary Fund
ISBN: 1513507540
Category : Computers
Languages : en
Pages : 55

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Book Description
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, Market Failures, and Financial Stability

Cyber Risk, Market Failures, and Financial Stability PDF Author: Emanuel Kopp
Publisher: International Monetary Fund
ISBN: 1484314131
Category : Business & Economics
Languages : en
Pages : 36

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Book Description
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.

Norway

Norway PDF Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher:
ISBN: 9781513553146
Category :
Languages : en
Pages : 30

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Book Description
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.

Financial Cybersecurity Risk Management

Financial Cybersecurity Risk Management PDF Author: Paul Rohmeyer
Publisher: Apress
ISBN: 1484241940
Category : Computers
Languages : en
Pages : 259

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Book Description
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

United Kingdom: Financial Sector Assessment Program-Some Forward Looking Cross-Sectoral Issues

United Kingdom: Financial Sector Assessment Program-Some Forward Looking Cross-Sectoral Issues PDF Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 68

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Book Description
The United Kingdom faces significant money laundering threats from foreign criminal proceeds, owing to its status as a global financial center, but the authorities have a strong understanding of these risks. The authorities estimated the realistic possibility of hundreds of billions of pounds of illicit proceeds being laundered in their jurisdiction. The money laundering risks facing the United Kingdom include illicit proceeds from foreign crimes such as transnational organized crime, overseas corruption, and tax crimes. Financial services, trust, and company service providers (TCSPs), accountancy and legal sectors are high-risk for money laundering, with also significant emerging risks coming from cryptoassets. Some Crown Dependencies (CDs) and British Overseas Territories (BOTs) have featured in U.K. money laundering investigations. Brexit and COVID pandemic have an impact upon the money laundering risks in the United Kingdom. The authorities nevertheless have demonstrated a deep and robust experience in assessing and understanding their ML/TF risks. Leveraging technology tools such as big data and machine learning to analyze cross-border payments may add further dimension to their risk assessments. This technical note (TN) will focus on key aspects of the United Kingdom’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime: risk-based AML/CFT supervision, entity transparency and international cooperation.

Financial Sector's Cybersecurity

Financial Sector's Cybersecurity PDF Author: World Bank Group
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
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.

Managing Cybersecurity Risk

Managing Cybersecurity Risk PDF Author: Jonathan Reuvid
Publisher: Legend Press Ltd
ISBN: 178507914X
Category : Business & Economics
Languages : en
Pages : 200

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Book Description
Managing Cybersecurity Risk aims to provide a better understanding of the extent and scale of the potential damage that breaches of security could cause their businesses and to guide senior management in the selection of the appropriate IT strategies, tools, training and staffing necessary for prevention, protection and response.

Euro Area Policies

Euro Area Policies PDF Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1484369718
Category : Business & Economics
Languages : en
Pages : 342

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Book Description
The SSM (SSM) has made a solid start. Set up a little over three years ago, the SSM has developed into a coherent banking supervision mechanism operating across the 19 Euro Area Member States. Banking supervision at the European Central Bank (ECB) is underpinned by a clear mandate and independence from government or industry interference in individual supervisory decisions. Its well-defined supervisory methodology and processes—complemented by committed staff—have laid the foundations for more forward-looking, pre-emptive, and evenhanded supervision. This is a noteworthy achievement for the Euro Area.

Financial Sector's Cybersecurity

Financial Sector's Cybersecurity PDF Author: Weltbankgruppe
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
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.