Cyber Risk Surveillance: A Case Study of Singapore


Joseph Goh ; Heedon Kang ; Zhi Xing Koh ; Jin Way Lim ; Cheng Wei Ng ; Galen Sher ; Chris Yao

Publication Date:

February 10, 2020

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.


Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.


Working Paper No. 2020/028



Publication Date:

February 10, 2020



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