Cyber Risk Surveillance: A Case Study of Singapore
IMF Working Papers, February 10, 2020
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Bibliographic details
- Authors: Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, Chris Yao
- Published: February 10, 2020
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513526317.001
Summary
- Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too.
- It is important to integrate cyber risk into financial sector surveillance.
- The paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing.
- Techniques are illustrated by applying them to Singapore, an advanced economy with a complex financial system and rapid adoption of fintech.
- Results are placed in the context of recent cybersecurity developments in the public and private sectors, as a reference for surveillance work.
Analytical approaches and stress testing
- Presents a range of analytical approaches to assess and monitor cyber risk to the financial sector.
- Includes various approaches to stress testing cyber risk.
- Discusses scenarios such as third-party cyberattack scenario and references events like the WannaCry ransomware attack (as keywords/subjects in the paper).
Singapore case study
- Singapore chosen as a case study because it is an advanced economy with a complex financial system and rapid adoption of fintech.
- Illustrates application of the paper’s analytical and stress-testing techniques to Singapore’s financial sector.
Findings and implications
- Cyber risk can be a source of systemic risk to the financial sector and may be macro-critical.
- Integrating cyber risk into financial sector surveillance is necessary.
- Insights are contextualized with recent cybersecurity developments in public and private sectors to inform surveillance.
Policy recommendations and relevance for surveillance
- Integrate cyber risk into financial sector surveillance frameworks.
- Use the paper’s analytical approaches and stress-testing techniques to monitor and assess cyber risk.
- Leverage the contextual analysis of public and private sector cybersecurity developments as a reference for surveillance work.
Content in this bundle
- Working Paper