{
  "title": "Cyber Risk and Financial Stability: It’s a Small World After All",
  "publication": "Staff Discussion Notes, December 7, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/staff-discussion-notes/issues/2020/12/04/cyber-risk-and-financial-stability-its-a-small-world-after-all-48622",
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  "summary": "The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention."
    },
    {
      "heading": "Authors and Publication",
      "content": "- By Frank Adelmann, Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, Christopher Wilson\n- Publication date: December 7, 2020\n- Series: Staff Discussion Notes No. 2020/007\n- Issue: 007\n- Volume: 2020\n- Pages: 32\n- DOI: https://doi.org/10.5089/9781513512297.006\n- Stock No: SDNEA2020007\n- ISBN: 9781513512297\n- ISSN: 2617-6750\n- Format citation example (Chicago): Frank Adelmann, Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, and Christopher Wilson. \"Cyber Risk and Financial Stability: It’s a Small World After All\", Staff Discussion Notes 2020, 007 (2020), accessed 9/18/2026, https://doi.org/10.5089/9781513512297.006"
    },
    {
      "heading": "Subject Areas",
      "content": "- Cyber risk\n- Economic sectors\n- Financial regulation and supervision\n- Financial sector\n- Financial sector policy and analysis\n- Financial sector risk\n- Financial sector stability\n- Financial stability assessment\n- Technology"
    },
    {
      "heading": "Keywords and Focus Topics",
      "content": "- Cyber risk, cybercrime support services, Cybersecurity, evolution of cyberattack, Financial regulation, Financial sector, Financial sector risk, Financial sector stability, Financial stability assessment, Global, information sharing, market infrastructure, operational resilience, risk management, sharing of information"
    },
    {
      "heading": "Key Statement",
      "content": "- Cyberattacks targeting information and communication technology systems used by financial institutions pose a material threat to financial stability and warrant additional attention."
    },
    {
      "heading": "Disclaimer",
      "content": "- This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.\n\nIMF Staff Discussion Note No. 2020/007\n\n---\n\n Content in this bundle\n\n- Staff Discussion Note\n  - Staff Discussion Note (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Staff Discussion Note (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/staff-discussion-notes/issues/2020/12/04/cyber-risk-and-financial-stability-its-a-small-world-after-all-48622"
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    "Authors: Frank Adelmann, Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, Christopher Wilson",
    "Published: December 7, 2020",
    "Series: Staff Discussion Notes",
    "DOI: https://doi.org/10.5089/9781513512297.006",
    "The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.",
    "By Frank Adelmann, Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, Christopher Wilson",
    "Publication date: December 7, 2020",
    "Series: Staff Discussion Notes No. 2020/007",
    "Issue: 007",
    "Volume: 2020",
    "Pages: 32",
    "DOI: https://doi.org/10.5089/9781513512297.006",
    "Stock No: SDNEA2020007",
    "ISBN: 9781513512297",
    "ISSN: 2617-6750",
    "Format citation example (Chicago): Frank Adelmann, Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, and Christopher Wilson. \"Cyber Risk and Financial Stability: It’s a Small World After All\", Staff Discussion Notes 2020, 007 (2020), accessed 9/18/2026, https://doi.org/10.5089/9781513512297.006",
    "Cyber risk",
    "Economic sectors",
    "Financial regulation and supervision",
    "Financial sector",
    "Financial sector policy and analysis",
    "Financial sector risk",
    "Financial sector stability",
    "Financial stability assessment",
    "Technology",
    "Cyber risk, cybercrime support services, Cybersecurity, evolution of cyberattack, Financial regulation, Financial sector, Financial sector risk, Financial sector stability, Financial stability assessment, Global, information sharing, market infrastructure, operational resilience, risk management, sharing of information",
    "Cyberattacks targeting information and communication technology systems used by financial institutions pose a material threat to financial stability and warrant additional attention.",
    "This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.",
    "**Staff Discussion Note**"
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