{
  "title": "Cyber Risk Surveillance: A Case Study of Singapore",
  "publication": "IMF Working Papers, February 10, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2020/02/10/cyber-risk-surveillance-a-case-study-of-singapore-48947",
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  "summary": "Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too.\n- It is important to integrate cyber risk into financial sector surveillance.\n- The paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing.\n- Techniques are illustrated by applying them to Singapore, an advanced economy with a complex financial system and rapid adoption of fintech.\n- Results are placed in the context of recent cybersecurity developments in the public and private sectors, as a reference for surveillance work."
    },
    {
      "heading": "Analytical approaches and stress testing",
      "content": "- Presents a range of analytical approaches to assess and monitor cyber risk to the financial sector.\n- Includes various approaches to stress testing cyber risk.\n- Discusses scenarios such as third-party cyberattack scenario and references events like the WannaCry ransomware attack (as keywords/subjects in the paper)."
    },
    {
      "heading": "Singapore case study",
      "content": "- Singapore chosen as a case study because it is an advanced economy with a complex financial system and rapid adoption of fintech.\n- Illustrates application of the paper’s analytical and stress-testing techniques to Singapore’s financial sector."
    },
    {
      "heading": "Findings and implications",
      "content": "- Cyber risk can be a source of systemic risk to the financial sector and may be macro-critical.\n- Integrating cyber risk into financial sector surveillance is necessary.\n- Insights are contextualized with recent cybersecurity developments in public and private sectors to inform surveillance."
    },
    {
      "heading": "Policy recommendations and relevance for surveillance",
      "content": "- Integrate cyber risk into financial sector surveillance frameworks.\n- Use the paper’s analytical approaches and stress-testing techniques to monitor and assess cyber risk.\n- Leverage the contextual analysis of public and private sector cybersecurity developments as a reference for surveillance work.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2020/02/10/cyber-risk-surveillance-a-case-study-of-singapore-48947"
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    "Authors: Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, Chris Yao",
    "Published: February 10, 2020",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513526317.001",
    "Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too.",
    "It is important to integrate cyber risk into financial sector surveillance.",
    "The paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing.",
    "Techniques are illustrated by applying them to Singapore, an advanced economy with a complex financial system and rapid adoption of fintech.",
    "Results are placed in the context of recent cybersecurity developments in the public and private sectors, as a reference for surveillance work.",
    "Presents a range of analytical approaches to assess and monitor cyber risk to the financial sector.",
    "Includes various approaches to stress testing cyber risk.",
    "Discusses scenarios such as third-party cyberattack scenario and references events like the WannaCry ransomware attack (as keywords/subjects in the paper).",
    "Singapore chosen as a case study because it is an advanced economy with a complex financial system and rapid adoption of fintech.",
    "Illustrates application of the paper’s analytical and stress-testing techniques to Singapore’s financial sector.",
    "Cyber risk can be a source of systemic risk to the financial sector and may be macro-critical.",
    "Integrating cyber risk into financial sector surveillance is necessary.",
    "Insights are contextualized with recent cybersecurity developments in public and private sectors to inform surveillance.",
    "Integrate cyber risk into financial sector surveillance frameworks.",
    "Use the paper’s analytical approaches and stress-testing techniques to monitor and assess cyber risk.",
    "Leverage the contextual analysis of public and private sector cybersecurity developments as a reference for surveillance work.",
    "**Working Paper**"
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