{
  "title": "Mexico: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability",
  "publication": "IMF Staff Country Reports, November 10, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/11/09/mexico-financial-sector-assessment-program-technical-note-on-cyber-resilience-and-financial-525582",
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  "summary": "Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, internet and mobile banking users in Mexico have increased substantially, but cyber incidents have also surged in recent years.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk.\n- Internet and mobile banking users in Mexico have increased substantially, and cyber incidents have also surged in recent years.\n- Tight interdependencies within the financial system, and beyond, make Mexico vulnerable to evolving cyber threats.\n- The Financial System Stability Council (CESF) has recognized cyber as a risk with potential to impact financial stability."
    },
    {
      "heading": "Major findings and observations",
      "content": "- Rapid digitalization of financial services has coincided with a substantial increase in internet and mobile banking users.\n- Cyber incidents in Mexico have surged in recent years, elevating operational and systemic risk.\n- Strong interdependencies across financial institutions and with external infrastructure increase contagion risk from cyber incidents.\n- CESF recognition: cyber risk identified as a potential threat to financial stability."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- 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\n- 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\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: November 10, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400224720.002",
    "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.",
    "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: 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",
    "**Executive Summary**"
  ],
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