Strengthening Cybersecurity: Lessons from the Cybersecurity Survey
Technical Notes and Manuals, March 21, 2025
Source details
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- Strengthening Cybersecurity: Lessons from the Cybersecurity Survey
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Bibliographic details
- Authors: Rangachary Ravikumar
- Published: March 21, 2025
- Series: Technical Notes and Manuals
- DOI: https://doi.org/10.5089/9798400296864.005
Overview
- This technical note and manual (TNM) draws lessons from cybersecurity surveys conducted by the Monetary and Capital Markets Department (MCM) to provide advice to central banks, supervisory authorities and policy makers seeking to strengthen cybersecurity of their financial sectors.
- The TNM covers various measures adopted by central banks and supervisory authorities, lessons learned from the survey results, and further efforts to be made in strengthening cybersecurity, besides providing references to work by international standard setting bodies.
- Author: Rangachary Ravikumar
- Date: March 21, 2025
- Pages: 49
- Series: Technical Notes and Manuals No. 2025/006
- Issue: 006
- Volume: 2025
- DOI: https://doi.org/10.5089/9798400296864.005
- ISBN: 9798400296864
- ISSN: 2075-8669
- Stock No: TNMEA2025006
Key Findings from the Survey
- Concerted efforts are needed to:
- (i) develop national and financial sector focused cybersecurity strategies;
- (ii) build cyber risk regulatory and supervisory capacity; and
- (iii) address resource constraints.
- Legal and regulatory clarity regarding supervisory powers is necessary.
- Adequate attention by top management is required to address cybersecurity gaps.
- Resource augmentation will help supervisory authorities address existing gaps.
- Central banks and supervisory authorities need processes to better understand the threat landscape on a continuous basis.
Capacity Needs and Operational Priorities
- Capacity needs to be augmented in:
- (i) conducting cyber exercises and tests;
- (ii) helping build sector-wide incident response capabilities; and
- (iii) building cyber maps.
- Emphasis on continuous threat landscape understanding and operational readiness.
Institutional and Legal Recommendations
- Special attention is needed towards establishing and nurturing robust institutional arrangements, including:
- Enabling legal provisions to criminalize cyberattacks.
- Establishing Computer Emergency Response Teams.
- Establishing Financial Sector CERTs.
Subject Tags and Keywords (as presented)
- Subject: Cyber risk, Economic sectors, Financial sector, Financial sector policy and analysis, Financial sector stability, Financial stability assessment, Stress testing, Technology
- Keywords: Caribbean, cyber incidents, cyber resilience, Cyber risk, cyber risk regulation, cybersecurity, cybersecurity preparedness index, cybersecurity strategy, cybersecurity survey, Europe, Financial sector, financial sector cyber strategy, Financial sector stability, Financial stability assessment, Global, IMF library, national cyber strategy, operational resilience, strengthening cybersecurity, Stress testing
Presentation and Access Notes
- Format: Technical Guidance Note (TNM)
- The TNM provides references to work by international standard setting bodies.
- Disclaimer: This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this Note are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Rangachary Ravikumar, "Strengthening Cybersecurity: Lessons from the Cybersecurity Survey", Technical Notes and Manuals No. 2025/006 (2025).
Content in this bundle
- Strengthening Cybersecurity: Lessons from the Cybersecurity Survey; March 2025; TNM 2025/06