{ "title": "Cyber Defense Must Be Global", "publication": "IMF Blog, October 26, 2017", "sourceUrl": "https://www.imf.org/en/blogs/articles/2017/10/26/cyber-defense-must-be-global", "canonical": "https://www.imf.org/en/blogs/articles/2017/10/26/cyber-defense-must-be-global", "overlayPath": "/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/index.md", "summary": "Authors: Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson", "sections": [ { "heading": "Overview", "content": "- Authors: Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson\n- Date: October 26, 2017\n- Core proposition: Cyber risk is a permanent, global threat to financial institutions and the interconnected financial system; international institutions can play a key coordinating and risk-mitigation role." }, { "heading": "High-profile examples and scale", "content": "- Equifax breach compromised the confidentiality of \"143 million Americans’ credit information.\"\n- Theft from Bangladesh Bank: \"US$81 million\" stolen.\n- Finding: \"Banks of all sizes experience cyberattacks every day.\"" }, { "heading": "Sophisticated attack types and data limitations", "content": "- Examples of dangerous cyberattacks:\n - Attacks on money transfer and ATM operations.\n - Malicious software introduced into bank systems.\n - Destruction of files and hardware.\n - Extortionary events that disrupt internal operations.\n- Data and disclosure issues:\n - Current environment described as a \"patchwork of national regulation and industry self-policing.\"\n - Comprehensive data are lacking; \"the risk is likely underestimated.\"\n - Firms often withhold information about cyber events, sometimes disclosing breaches only \"months or years later.\"" }, { "heading": "Limits of security measures and private-sector responses", "content": "- Common security measures: firewalls, data encryption, training, business continuity planning.\n - Trade-off: Necessary but \"costly\" and may impede routine operations.\n- Risk transfer and market limitations:\n - Firms can transfer risk to insurers or outside cybersecurity vendors.\n - Market frictions: \"asymmetries and a lack of information\" and \"generally little experience with this kind of economic risk.\"\n - Firms tend to \"underestimate their exposure to cyber risk\" and \"overestimate their ability to defend\" and the coverage of cyber insurance policies.\n - Insurance pricing: \"insurance companies are pricing a cushion into premiums to account for uncertainty.\"" }, { "heading": "Systemic risk channels", "content": "- Third parties (insurers, cybersecurity vendors) may become hacker targets and, if concentrated, \"could become a source of systemic risk throughout the financial system.\"\n- Concentration of IT within the financial system:\n - Common operating systems and programs, cloud servers, electronic network hubs.\n - Interbank and transfer-market connections could enable rapid shock transmission.\n- Cyber insurance market dynamics:\n - \"Popularity of cyber insurance policies has created a fast-growing market,\" but \"the continuing buildup of cyber risk in the insurance sector can itself become a systemic risk.\"\n- Public-sector role: There is \"a clear role for the public sector to ensure that losses from cyberattacks do not give rise to systemic risk.\"" }, { "heading": "Regulatory agenda and international coordination", "content": "- National-level measures recommended:\n - Provide incentives to ensure cyberattacks are \"reported promptly and accurately.\"\n - Collect loss data \"systematically.\"\n - Enable banking regulators to coordinate rapidly with law enforcement agencies because \"cyberattacks are criminal in nature.\"\n - Ensure regulators \"have the ability and the authority to adapt their responses quickly as cyberthreats evolve.\"\n- International-level measures and institutions:\n - Cyber risk \"has no geographical borders, and the threat is global,\" so international institutions are \"crucial.\"\n - International organizations cited as able to help: Bank for International Settlements, Financial Stability Board, and the IMF.\n - Roles for international bodies include: supporting information sharing, designing coordinated policies, helping resolve disputes, and containing systemic risk.\n - Existing efforts: \"International bodies like the Financial Stability Board and international forums like the Group of Seven are leading an effort to disseminate information among members and foster policy coordination among countries.\"\n\nSource: Cyber Defense Must Be Global — IMF blog post (October 26, 2017) by Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson.\n\n---\n\n Content in this bundle\n\n- 网络防御必须扩及全球; IMF博客 ; 2017 年10 月26 日\n - 网络防御必须扩及全球; IMF博客 ; 2017 年10 月26 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 网络防御必须扩及全球; IMF博客 ; 2017 年10 月26 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- サイバー攻撃への防御はグローバルであるべき; エマヌエル・コップ、リンカーン・カフェンバーガー、クリストファー･ウィルソン IMF ブログ 2017年10月26日掲載\n - サイバー攻撃への防御はグローバルであるべき; エマヌエル・コップ、リンカーン・カフェンバーガー、クリストファー･ウィルソン IMF ブログ 2017年10月26日掲載 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - サイバー攻撃への防御はグローバルであるべき; エマヌエル・コップ、リンカーン・カフェンバーガー、クリストファー･ウィルソン IMF ブログ 2017年10月26日掲載 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Киберзащита должна иметь глобальный характер\n - Киберзащита должна иметь глобальный характер (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Киберзащита должна иметь глобальный характер (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- عربي\n- https://www.imf.org/wp-content/uploads/2017/10/BLOG-1024x600-cyber-hacking-photo-solarseven-iStock-488690699.jpg\n- IMF Working Paper\n- https://www.imf.org/wp-content/uploads/2017/10/ENG-Oct26-Cyber-riskschart.jpg\n\nSource: https://www.imf.org/en/blogs/articles/2017/10/26/cyber-defense-must-be-global" } ], "bullets": [ "[Markdown version](/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/index.md)", "[Structured JSON version](/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/index.json)", "[Bundle manifest](/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/bundle-manifest.json)", "Authors: Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson", "Published: October 26, 2017", "Authors: Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson", "Date: October 26, 2017", "Core proposition: Cyber risk is a permanent, global threat to financial institutions and the interconnected financial system; international institutions can play a key coordinating and risk-mitigation role.", "Equifax breach compromised the confidentiality of \"143 million Americans’ credit information.\"", "Theft from Bangladesh Bank: \"US$81 million\" stolen.", "Finding: \"Banks of all sizes experience cyberattacks every day.\"", "Examples of dangerous cyberattacks:", "Data and disclosure issues:", "Common security measures: firewalls, data encryption, training, business continuity planning.", "Risk transfer and market limitations:", "Third parties (insurers, cybersecurity vendors) may become hacker targets and, if concentrated, \"could become a source of systemic risk throughout the financial system.\"", "Concentration of IT within the financial system:", "Cyber insurance market dynamics:", "Public-sector role: There is \"a clear role for the public sector to ensure that losses from cyberattacks do not give rise to systemic risk.\"", "National-level measures recommended:", "International-level measures and institutions:", "**网络防御必须扩及全球; IMF博客 ; 2017 年10 月26 日**", "**サイバー攻撃への防御はグローバルであるべき; エマヌエル・コップ、リンカーン・カフェンバーガー、クリストファー･ウィルソン IMF ブログ 2017年10月26日掲載**", "**Киберзащита должна иметь глобальный характер**", "[عربي](https://blog-montada.imf.org/?p=5662)", "[https://www.imf.org/wp-content/uploads/2017/10/BLOG-1024x600-cyber-hacking-photo-solarseven-iStock-488690699.jpg](https://www.imf.org/wp-content/uploads/2017/10/BLOG-1024x600-cyber-hacking-photo-solarseven-iStock-488690699.jpg)", "[IMF Working Paper](http://www.imf.org/en/Publications/WP/Issues/2017/08/07/Cyber-Risk-Market-Failures-and-Financial-Stability-45104)", "[https://www.imf.org/wp-content/uploads/2017/10/ENG-Oct26-Cyber-risks_chart.jpg](https://www.imf.org/wp-content/uploads/2017/10/ENG-Oct26-Cyber-risks_chart.jpg)" ], "related": [ { "title": "网络防御必须扩及全球; IMF博客 ; 2017 年10 月26 日", "role": "document", "sourceUrl": "http://www.imf.org/external/chinese/np/blog/2017/102717c.pdf", "summary": { "path": "/external/chinese/np/blog/2017/102717c.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/chinese/np/blog/2017/102717c.pdf", "mime": "application/pdf" } }, { "title": "サイバー攻撃への防御はグローバルであるべき; エマヌエル・コップ、リンカーン・カフェンバーガー、クリストファー･ウィルソン IMF ブログ 2017年10月26日掲載", "role": "document", "sourceUrl": "http://www.imf.org/external/japanese/np/blog/2017/102617j.pdf", "summary": { "path": "/external/japanese/np/blog/2017/102617j.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/japanese/np/blog/2017/102617j.pdf", "mime": "application/pdf" } }, { "title": "Киберзащита должна иметь глобальный характер", "role": "document", "sourceUrl": "http://www.imf.org/external/russian/np/blog/2017/102617r.pdf", "summary": { "path": "/external/russian/np/blog/2017/102617r.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/external/russian/np/blog/2017/102617r.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/index.md", "json": "/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/index.json", "bundleManifest": "/en/blogs/articles/2017/10/26/cyber-defense-must-be-global/bundle-manifest.json" }, "generatedAtUtc": "2026-08-27T19:38:57.879Z" }