Cyber Risk Surveillance: A Case Study of Singapore

Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher and Chris Yao

No 2020/028, IMF Working Papers from International Monetary Fund

Abstract: 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. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.

Keywords: WP; third-party cyberattack scenario; IT environment; financial system; outsourcing relationship; cybersecurity strategy; cyber risk; financial innovation; financial institutions; systemic risk; stress test.; WannaCry ransomware attack; Stress testing; Financial sector risk; Insurance companies; Global (search for similar items in EconPapers)
Pages: 31
Date: 2020-02-10
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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