{
  "title": "South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight",
  "publication": "IMF Staff Country Reports, June 17, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/16/south-africa-financial-sector-assessment-program-technical-note-on-cybersecurity-risk-519711",
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  "summary": "Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: June 17, 2022\n- Core theme: Cybersecurity risk in the South African financial system amid increasing digitalization and interconnected cyber and financial ecosystems.\n- Context: Digitalization is a strategic priority for the South African financial system; cybersecurity risk is growing in complexity and severity."
    },
    {
      "heading": "Key findings",
      "content": "- Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem.\n- The South African financial system has a long history of incorporating technology; digitalization has become a strategic priority.\n- To keep pace with dynamic cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures).\n- Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased.\n- High standards of risk management meant threats did not materialize into significant losses and/or disruptions."
    },
    {
      "heading": "Context and drivers",
      "content": "- Drivers cited:\n  - Increasing openness and interconnection of cyber and financial ecosystems.\n  - Widespread remote working arrangements implemented in response to the global pandemic.\n  - Ongoing digitalization across financial services."
    },
    {
      "heading": "Institutional response and resilience",
      "content": "- Systemically important financial institutions (SIFIs):\n  - Have made substantial investments in cyber resilience programs.\n  - Have established cyber strategies, frameworks, and governance structures to manage evolving threats.\n- Outcome:\n  - Despite increased cybersecurity threats, high standards of risk management mitigated materialization into significant losses or disruptions.\n\n---\n\n Content in this bundle\n\n- 1zafea2022004\n  - 1zafea2022004 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1zafea2022004 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 17, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400214295.002",
    "Publication date: June 17, 2022",
    "Core theme: Cybersecurity risk in the South African financial system amid increasing digitalization and interconnected cyber and financial ecosystems.",
    "Context: Digitalization is a strategic priority for the South African financial system; cybersecurity risk is growing in complexity and severity.",
    "Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem.",
    "The South African financial system has a long history of incorporating technology; digitalization has become a strategic priority.",
    "To keep pace with dynamic cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures).",
    "Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased.",
    "High standards of risk management meant threats did not materialize into significant losses and/or disruptions.",
    "Drivers cited:",
    "Systemically important financial institutions (SIFIs):",
    "Outcome:",
    "**1zafea2022004**"
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