Japan: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability

International Monetary Fund

No 2024/113, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note focuses on Cyber Resilience and Financial Stability for the Japan Financial Sector Assessment Program. The cyber ecosystem is mature in Japan, with a range of stakeholders involved in ensuring the cybersecurity of the financial sector. The Financial Services Agency (FSA) is responsible for developing and operationalizing the cyber strategy for the financial sector. Cyber risk regulation and supervisory practice need further improvements. The Bank of Japan (BOJ) should strengthen the cyber risk oversight of financial market infrastructures. The FSA would benefit from deepening its analysis of the operational interconnectedness of the financial system. Further improvements in the response and recovery capabilities are recommended. The FSA and BOJ should keep upgrading, as necessary, a range of extreme but plausible cyber scenarios along with their existing Business Continuity Plans and/or Cyber Incident Response and Recovery Plans, for the financial sector. The authorities currently have strong cyber incident reporting regimes in place, with clear definitions, taxonomies, thresholds, and communication channels.

Keywords: Japan Computer Emergency Response Team coordination Center; FSAP finding; context of the Financial Sector Assessment Program; securities commission; BOJ-NET participant; Financial stability assessment; Cyber risk; Financial sector; Financial sector stability; PFM information systems; Global (search for similar items in EconPapers)
Pages: 39
Date: 2024-05-13
New Economics Papers: this item is included in nep-pay
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=548805 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2024/113

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().