Spain: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability
IMF Staff Country Reports, August 1, 2024
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- Spain: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability
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Bibliographic details
- Published: August 1, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400285943.002
Overview
- This technical note is part of the Financial Sector Assessment Program (FSAP) in Spain and examines cyber risk and financial stability.
- Technology risk and cyber resilience of the financial sector has become a focus area of the authorities, within the broader context of operational risk and resilience.
- The intensified focus by authorities is described as timely and important for the continuity of financial service provision and the stability of the Spanish financial system.
Key findings
- The FSAP found cyber risk supervisory practices of the authorities with regard to less significant institutions and financial market infrastructures in scope to be materially in line with applicable regulations and guidance and prevailing international good practice.
- Resource constraints are identified as the most prominent challenge confronting the authorities.
- Despite overall strength in cyber risk supervision, a number of further weaknesses have a negative impact.
Subjects and keywords
- Subject areas: Cyber risk, External balance assessment (EBA), External position, Financial markets, Financial Sector Assessment Program, Financial sector policy and analysis, Payment systems, PFM information systems, Public financial management (PFM), Technology
- Keywords: banco de España, banking institution, Bolsas y Mercados Españoles, Cyber risk, External balance assessment (EBA), Financial Sector Assessment Program, Global, infrastructure regulation, Payment systems, PFM information systems, staff team of the International Monetary Fund
Content in this bundle
- Executive Summary