South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight

International Monetary Fund

No 2022/181, IMF Staff Country Reports from International Monetary Fund

Abstract: Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem. The South African financial system has a long history of incorporating technology and as for many financial systems across the globe, digitalization has become a strategic priority. For risk management to keep pace with the dynamic nature of cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures). Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased. However, high standards of risk management meant threats did not materialize into significant losses and/or disruptions.

Keywords: IMF-World Bank Financial Sector Assessment Program; payment system management body; securities commission; cybersecurity risk; FSAP's finding; committee on payment; clearing house; Cyber risk; Financial sector; PFM information systems; Operational risk; Payment systems; Africa; Global (search for similar items in EconPapers)
Pages: 32
Date: 2022-06-17
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