Mexico: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability
IMF Staff Country Reports, November 10, 2022
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- Mexico: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability
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Bibliographic details
- Published: November 10, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400224720.002
Summary
- Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk.
- Internet and mobile banking users in Mexico have increased substantially, and cyber incidents have also surged in recent years.
- Tight interdependencies within the financial system, and beyond, make Mexico vulnerable to evolving cyber threats.
- The Financial System Stability Council (CESF) has recognized cyber as a risk with potential to impact financial stability.
Major findings and observations
- Rapid digitalization of financial services has coincided with a substantial increase in internet and mobile banking users.
- Cyber incidents in Mexico have surged in recent years, elevating operational and systemic risk.
- Strong interdependencies across financial institutions and with external infrastructure increase contagion risk from cyber incidents.
- CESF recognition: cyber risk identified as a potential threat to financial stability.
Subjects and keywords (as provided)
- Subjects: Cyber risk; Economic sectors; Financial sector; Financial sector policy and analysis; Financial sector stability; Infrastructure; International organization; Monetary policy; National accounts; PFM information systems; Public financial management (PFM); Technology
- Keywords: Banco de México; Cyber risk; cybersecurity risk supervision; Financial sector; Financial sector stability; financial system Stability Council; Global; information security; Infrastructure; payment system oversight function; PFM information systems; simulation exercise; supervision of participant
Content in this bundle
- Executive Summary