Cyber risk

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FinTech, Financial Inclusion, and Cyber Risk: Tackling the Post-COVID-19 Challenges

TC roundtable on maximizing the benefits of FinTech

Proceedings of a Toronto Centre roundtable of central bank governors and heads of supervisory authorities from developing and developed countries. Participants explored how supervisors and regulators can maximize the benefits and minimize the risks of FinTech, in particular with respect to financial inclusion. They discussed how to increase access to financial services for the poor and vulnerable, especially women, during and beyond the COVID-19 pandemic.

Publisher: Toronto Centre Release date: Apr 2021

Type: TC Videos

Topics: Cyber risk

Sectors: Banking

Technology Risk Management Guidelines

MAS guidelines to promote sound practices and processes to keep pace with emerging technologies and shifts in the cyber threat landscape

Monetary Authority of Singapore revised guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces, and rapid software development. The guidelines reinforce the importance of incorporating security controls as part of FI's technology development and delivery lifecycle, as well as in the deployment of emerging technologies.

Publisher: National Regulators Release date: Jan 2021

Type: Guideline

Topics: Cyber risk

Sectors: Banking, Insurance

Cyber Risk and Financial Stability: It's a Small World After All

IMF paper discusses potential cyber attacks that could threaten global financial stability

International Monetary Fund report discusses the ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions and threaten financial stability. The report suggests six major gaps that, if addressed, could considerably reduce cyber risk and help to safeguard global financial stability.

Publisher: International Organizations Release date: Dec 2020

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Pensions, Securities

Cloud Computing: Issues for Supervisors

TC Note discusses benefits of cloud computing

Toronto Centre Note contrasts the observed and potential benefits of cloud computing outsourcing with the supervisory concerns that its growth raises, particularly from the perspective of EMDE supervisors. It discusses the regulatory and supervisory responses and highlights next steps for supervisors.

Publisher: Toronto Centre Release date: Nov 2020

Type: TC Notes

Topics: Cyber risk

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Effective Practices for Cyber Incident Response and Recovery: Final Report

FSB toolkit of effective practices

Financial Stability Board toolkit of effective practices aims to assist organizations in their cyber incident response and recovery activities. Toolkit includes 49 practices for effective cyber incident response and recovery across seven components: i) governance; ii) planning and preparation; iii) analysis; iv) mitigation; v) restoration and recovery; vi) coordination and communication; and vii) improvement.

Publisher: Global Standard-Setting Bodies Release date: Oct 2020

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Pensions, Securities

The Use of Supervisory and Regulatory Technology by Authorities and Regulated Institutions

FSB report on use of RegTech and SupTech by FSB members and related institutions

Financial Stability Board report finds that technology and innovation are transforming the global financial landscape, presenting opportunities, risks and challenges for regulated institutions and authorities alike. The report includes 28 case studies giving practical examples of how SupTech and RegTech tools are being used.

Publisher: Global Standard-Setting Bodies Release date: Oct 2020

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Draft Guidelines on Outsourcing to Cloud Service Providers

ESMA consultation on guidelines on identifying and addressing risks from outsourcing to cloud service providers

European Securities and Markets Authority draft guidelines provide guidance on the outsourcing requirements applicable to financial market participants when they outsource to cloud service providers. They aim to help firms and competent authorities identify, address and monitor the risks and challenges that arise from cloud outsourcing arrangements.

Publisher: Regional Standard-Setting Bodies Release date: Jul 2020

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Securities

The Drivers of Cyber Risk

BIS paper documents characteristics of cyber incidents

Bank for International Settlements working paper discusses increased exposure to cyber risks by organizations. It provides information about the costs, drivers, and potential mitigating factors of cyber incidents.

Publisher: International Organizations Release date: May 2020

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Pensions, Securities

How Reliant Are Banks and Insurers on Cloud Outsourcing?

Results of BoE survey to understand how banks and insurers use the cloud

Bank of England survey results show that banks and insurers mainly use cloud outsourcing to run software and access additional processing capacity or to support IT infrastructure. The survey indicates that banks use cloud outsourcing more widely than insurers.

Publisher: National Regulators Release date: Jan 2020 Country: United Kingdom

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance

Third-party Dependencies in Cloud Services

FSB considerations on financial stability implications

Financial Stability Board report assesses what has been learned to date and sketches considerations on financial stability and avenues for international discussions going forward.

Publisher: Global Standard-Setting Bodies Release date: Dec 2019

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Securities

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Resources

382 records

FinTech, Financial Inclusion, and Cyber Risk: Tackling the Post-COVID-19 Challenges

Technology Risk Management Guidelines

Cyber Risk and Financial Stability: It's a Small World After All

Cloud Computing: Issues for Supervisors

Effective Practices for Cyber Incident Response and Recovery: Final Report

The Use of Supervisory and Regulatory Technology by Authorities and Regulated Institutions

Draft Guidelines on Outsourcing to Cloud Service Providers

The Drivers of Cyber Risk

How Reliant Are Banks and Insurers on Cloud Outsourcing?

Third-party Dependencies in Cloud Services

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