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Cyber Risk, Market Failures, and Financial Stability

2017-08-07 Computers
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Release : 2017-08-07
Genre : Computers
Kind : eBook
Book Rating : 131/5 ( reviews)

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Book Synopsis Cyber Risk, Market Failures, and Financial Stability by : Emanuel Kopp

Download or read book Cyber Risk, Market Failures, and Financial Stability written by Emanuel Kopp. This book was released on 2017-08-07. Available in PDF, EPUB and Kindle. Book excerpt: Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

Cyber Risk and Financial Stability

2020-12-07 Business & Economics
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Release : 2020-12-07
Genre : Business & Economics
Kind : eBook
Book Rating : 293/5 ( reviews)

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Book Synopsis Cyber Risk and Financial Stability by : Frank Adelmann

Download or read book Cyber Risk and Financial Stability written by Frank Adelmann. This book was released on 2020-12-07. Available in PDF, EPUB and Kindle. Book excerpt: The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

2018-06-22 Computers
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Release : 2018-06-22
Genre : Computers
Kind : eBook
Book Rating : 753/5 ( reviews)

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Book Synopsis Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment by : Antoine Bouveret

Download or read book Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment written by Antoine Bouveret. This book was released on 2018-06-22. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Cybersecurity Risk Supervision

2019-09-24 Computers
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Release : 2019-09-24
Genre : Computers
Kind : eBook
Book Rating : 25X/5 ( reviews)

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Book Synopsis Cybersecurity Risk Supervision by : Christopher Wilson

Download or read book Cybersecurity Risk Supervision written by Christopher Wilson. This book was released on 2019-09-24. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Implications of Cyber Risk for Financial Stability

2022
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Release : 2022
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Book Rating : /5 ( reviews)

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Book Synopsis Implications of Cyber Risk for Financial Stability by : Danny Brando

Download or read book Implications of Cyber Risk for Financial Stability written by Danny Brando. This book was released on 2022. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk, defined as the risk of loss from dependence on computer systems and digital technologies, has grown in the financial system. Cyber events, especially cyberattacks, are among the top risks cited in financial stability surveys in the United States and globally.

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