Cybersecurity Risk Supervision

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

September 24, 2019

Preview Citation

Format: Chicago

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson. Cybersecurity Risk Supervision, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Cyber risk, Economic sectors, Financial regulation and supervision, Financial sector, Financial sector policy and analysis, Financial sector stability, Information technology in revenue administration, Operational risk, Revenue administration, Technology

Keywords: Cyber crime, Cyber risk, Cybersecurity risk, Data life cycle, DP, DPPP, Financial sector, Financial sector stability, Global, ICT system, Information technology in revenue administration, Operational risk, Recovery plan, Risk assessments, Risk profile, Risk supervision, Shape firms' cybersecurity capability, Supervised firm, Technology firm

Publication Details

Pages:

55
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2019/014
Stock No:

CRSEA
ISBN:

9781513507545
ISSN:

2616-5333

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