Managing Cyber Risk In The Financial Sector

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Cyber Risk For The Financial Sector A Framework For Quantitative Assessment

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Author : Antoine Bouveret
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-22

Cyber Risk For The Financial Sector A Framework For Quantitative Assessment written by Antoine Bouveret and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-22 with Computers categories.

Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income.

Managing Cyber Risk In The Financial Sector

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Author : Ruth Taplin
language : en
Publisher: Routledge
Release Date : 2016-01-22

Managing Cyber Risk In The Financial Sector written by Ruth Taplin and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-22 with Computers categories.

Cyber risk has become increasingly reported as a major problem for financial sector businesses. It takes many forms including fraud for purely monetary gain, hacking by people hostile to a company causing business interruption or damage to reputation, theft by criminals or malicious individuals of the very large amounts of customer information (“big data”) held by many companies, misuse including accidental misuse or lack of use of such data, loss of key intellectual property, and the theft of health and medical data which can have a profound effect on the insurance sector. This book assesses the major cyber risks to businesses and discusses how they can be managed and the risks reduced. It includes case studies of the situation in different financial sectors and countries in relation to East Asia, Europe and the United States. It takes an interdisciplinary approach assessing cyber risks and management solutions from an economic, management risk, legal, security intelligence, insurance, banking and cultural perspective.

Countering Cyber Threats To Financial Institutions

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Author : Pierre-Luc Pomerleau
language : en
Publisher: Springer Nature
Release Date : 2020-08-29

Countering Cyber Threats To Financial Institutions written by Pierre-Luc Pomerleau and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-29 with Business & Economics categories.

Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.

Cyber Risk Surveillance A Case Study Of Singapore

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Author : Joseph Goh
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-10

Cyber Risk Surveillance A Case Study Of Singapore written by Joseph Goh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-10 with Computers categories.

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.

The Cyber Risk Handbook

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Author : Domenic Antonucci
language : en
Publisher: John Wiley & Sons
Release Date : 2017-05-01

The Cyber Risk Handbook written by Domenic Antonucci and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-01 with Business & Economics categories.

Actionable guidance and expert perspective for real-world cybersecurity The Cyber Risk Handbook is the practitioner's guide to implementing, measuring and improving the counter-cyber capabilities of the modern enterprise. The first resource of its kind, this book provides authoritative guidance for real-world situations, and cross-functional solutions for enterprise-wide improvement. Beginning with an overview of counter-cyber evolution, the discussion quickly turns practical with design and implementation guidance for the range of capabilities expected of a robust cyber risk management system that is integrated with the enterprise risk management (ERM) system. Expert contributors from around the globe weigh in on specialized topics with tools and techniques to help any type or size of organization create a robust system tailored to its needs. Chapter summaries of required capabilities are aggregated to provide a new cyber risk maturity model used to benchmark capabilities and to road-map gap-improvement. Cyber risk is a fast-growing enterprise risk, not just an IT risk. Yet seldom is guidance provided as to what this means. This book is the first to tackle in detail those enterprise-wide capabilities expected by Board, CEO and Internal Audit, of the diverse executive management functions that need to team up with the Information Security function in order to provide integrated solutions. Learn how cyber risk management can be integrated to better protect your enterprise Design and benchmark new and improved practical counter-cyber capabilities Examine planning and implementation approaches, models, methods, and more Adopt a new cyber risk maturity model tailored to your enterprise needs The need to manage cyber risk across the enterprise—inclusive of the IT operations—is a growing concern as massive data breaches make the news on an alarmingly frequent basis. With a cyber risk management system now a business-necessary requirement, practitioners need to assess the effectiveness of their current system, and measure its gap-improvement over time in response to a dynamic and fast-moving threat landscape. The Cyber Risk Handbook brings the world's best thinking to bear on aligning that system to the enterprise and vice-a-versa. Every functional head of any organization must have a copy at-hand to understand their role in achieving that alignment.

Enhancing The Role Of Insurance In Cyber Risk Management

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-12-08

Enhancing The Role Of Insurance In Cyber Risk Management written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-08 with categories.

This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges.

South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-06-17

South Africa Financial Sector Assessment Program Technical Note On Cybersecurity Risk Supervision And Oversight written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-17 with Business & Economics categories.

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.

Ecological Societal And Technological Risks And The Financial Sector

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Author : Thomas Walker
language : en
Publisher: Springer Nature
Release Date : 2020-06-10

Ecological Societal And Technological Risks And The Financial Sector written by Thomas Walker and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-10 with Business & Economics categories.

Today’s financial sector faces multiple challenges stemming from ecological, societal, and technological risks such as climate change, political extremism, and cyber-attacks. However, these non-traditional risks are yet to be fully identified and measured, in order to ensure their successful management. This edited collection sheds light on the topic by examining the unique measurement and modelling challenges associated with each of these risks, and their interaction with finance. Offering a comprehensive analysis of non-traditional finance risks, the authors provide the basis for developing appropriate risk management techniques. With new approaches to protect against emerging threats to the financial sector, this edited collection will appeal to academics researching sustainability, development finance, and risk management, as well as policy-makers and practitioners within the banking sector.

Cyber Risk Intellectual Property Theft And Cyberwarfare

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Author : Ruth Taplin
language : en
Publisher: Routledge
Release Date : 2020-11-12

Cyber Risk Intellectual Property Theft And Cyberwarfare written by Ruth Taplin and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-12 with Law categories.

The desire to steal the intellectual property (IP) of others, be they creative individuals or company teams working in patent pools to create new innovations, remains the same. Political methods have become more sophisticated in terms of devaluing the output of creative humans by creating open- source access, which can be taken freely by all and sundry. What has changed is the new cyber- based technology that allows increased theft of IP. Likewise, warfare for geo- political imperatives is not new but sophisticated cyber- based methods that can actually carry out infrastructural damage through cyberspace are new and are accordingly termed cyberwarfare. How cyber strategies are used in IP theft and cyberwarfare in relation to new complex digital technology such as the Internet of Things (IoT) is explored in relation to particular essential sectors in the economy: marine, smart energy power grids and insurance. Country- specifi c studies based on either being the recipient or perpetrator (or both) of cyberattacks provide analysis in relation to Japan, China and North Korea, Russia, Europe (the UK in particular), Iran and the USA.

Cybersecurity Risk Management

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Author : Cybellium
language : en
Publisher: Cybellium Ltd
Release Date : 2024-10-26

Cybersecurity Risk Management written by Cybellium and has been published by Cybellium Ltd this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-10-26 with Computers categories.

Designed for professionals, students, and enthusiasts alike, our comprehensive books empower you to stay ahead in a rapidly evolving digital world. * Expert Insights: Our books provide deep, actionable insights that bridge the gap between theory and practical application. * Up-to-Date Content: Stay current with the latest advancements, trends, and best practices in IT, Al, Cybersecurity, Business, Economics and Science. Each guide is regularly updated to reflect the newest developments and challenges. * Comprehensive Coverage: Whether you're a beginner or an advanced learner, Cybellium books cover a wide range of topics, from foundational principles to specialized knowledge, tailored to your level of expertise. Become part of a global network of learners and professionals who trust Cybellium to guide their educational journey. www.cybellium.com