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Cybersecurity Risk Supervision

Christopher Wilson, Frank Adelmann, Anastasiia Morozova and Tamas Gaidosch

No 2019/014, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.

Keywords: DPPP; DP; supervised firm; cybersecurity risk; ICT system; recovery plan; shape firms' cybersecurity capability; risk assessments; cyber crime; technology firm; risk supervision; risk profile; data life cycle; Cyber risk; Operational risk; Information technology in revenue administration; Financial sector; Financial sector stability; Global (search for similar items in EconPapers)
Pages: 55
Date: 2019-09-24
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Handle: RePEc:imf:imfdps:2019/014