Cybersecurity Risk Supervision

Author/Editor:

Tamas Gaidosch ; Frank Adelmann ; Anastasiia Morozova ; Christopher Wilson

Publication Date:

September 24, 2019

Electronic Access:

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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.

Series:

Departmental Paper No. 19/15

Subject:

English

Publication Date:

September 24, 2019

ISBN/ISSN:

9781513507545/2616-5333

Stock No:

CRSEA

Format:

Paper

Pages:

55

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